BENGALURU Gold prices barely moved on Wednesday, as attention shifted to a key US inflation print due later in the day, which could shed more light on the Federal Reserve's monetary policy path.

Spot gold was flat at US$2,599.19 per ounce by 0021 GMT, after hitting its lowest since Sept 20 in the previous session. US gold futures steadied at US$2,605.10.

The US dollar traded near a 6-1/2-month high amid expectations of inflationary import tariffs from Republican President-elect Donald Trump. A firmer dollar makes greenback priced-bullion more expensive for other currency holders. 

Markets have been scaling back odds for more rate cuts from the Fed, currently pricing in a 60.4% chance of a 25-basis-point cut at its December meeting, down from 77.3% a week ago, according to CME's FedWatch Tool.

Gold is used as a hedge against inflation but higher rates dampen its appeal, as it yields no interest.

Market focus is on US consumer price index (CPI) data due at 1330 GMT. Other data sets due this week include producer price index (PPI), weekly jobless claims on Thursday, and Friday's retail sales data.

Remarks from Fed chair Jerome Powell and other US. central bank officials are also on investors' radar.

The Fed's policy rate continues to act as a brake on the resilient labour market, and on inflation that is still above the 2% target, two US central bankers said, a view that appears to argue for more rate cuts, even as both signalled they were not ready to judge how fast or by how much.

Spot silver held steady at US$30.72 per ounce, platinum lost 0.1% to US$944.92, and palladium eased 0.1% at US$943.69.

  - Reuters