Gold hovers near two-week peak as focus shifts to US inflation data
Gold prices remained mostly unchanged on Tuesday, staying near a two-week high hit in the previous session, as investors awaited key U.S. inflation data, due later this week, for further insights into the Federal Reserve's interest rate outlook.
FUNDAMENTALS
* Spot gold held its ground at $2,660.82 per ounce, as of 0042 GMT. U.S. gold futures were steady at $2,683.60.
* Gold hit a two-week high on Monday, supported by renewed buying of the metal by China's central bank following a six-month hiatus.
* Traders are now focused on the November U.S. consumer price index, due on Wednesday, following last week's stronger-than-expected payrolls report. Markets now price in an 85.8% chance of a quarter-point rate reduction at the Fed's Dec. 17-18 meeting, up from 68% before the jobs data.
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