Global Gold Market: Gold prices slightly declined as traders await the release of U.S. inflation data

Global Gold Market: Gold Prices Slightly Decline as Traders Await U.S. Inflation Data

Reuters, May 30 - Gold prices edged lower on Friday as investors were reluctant to make large bets ahead of a key U.S. inflation report. The report may provide more clues for assessing the policy path of the U.S. Federal Reserve (Fed).

At 0100 GMT, spot gold XAU= was down 0.1% at $3,312.85 per ounce. Gold prices have risen 0.6% so far in May, marking the fifth consecutive month of monthly gains.

U.S. gold futures GCcv1 fell 0.2% to $3,310.50.

A U.S. federal appeals court on Thursday reinstated President Trump's most comprehensive tariffs. The day before, a trade court ruled that Trump's tariffs were beyond his authority and ordered an immediate halt to their collection. nL6S3S10V9

Investors are currently awaiting the Fed's preferred inflation indicator—the U.S. April Personal Consumption Expenditures (PCE) price index data.

Mary Daly, President of the Federal Reserve Bank of San Francisco, stated on Thursday that Fed policymakers could still lower interest rates twice this year as they had anticipated in March, but current rates should remain stable to ensure inflation can reach the Fed's 2% target.

Data released on Thursday showed that initial jobless claims in the U.S. rose more than expected last week.

The world's largest gold-backed exchange-traded fund, SPDR Gold Trust GLD, reported that its holdings increased from 925.61 tons on Wednesday to 930.20 tons on Thursday, a growth of 0.50%. GOL/ETF

Spot silver XAG= fell 0.3% to $33.23 per ounce; platinum XPT= fell 0.1% to $1,080.93; palladium XPD= fell 0.1% to $972.11.

(Editing by Li Shuang)

(( shuang.li@thomsonreuters.com; 86-10-56692085))