BENGALURU (Nov 12): Gold hovered near a one-month low on Tuesday, as investors looked forward to US economic data and comments from the US Federal Reserve officials for further clarity on the interest rate trajectory.

Spot gold was little changed at US$2,622.89 (RM11,583) per ounce as of 0035 GMT, after hitting its lowest since Oct 10 on Monday. US gold futures rose 0.4% to US$2,629.10.

The US dollar held near a four-month high. A stronger dollar makes bullion less attractive for other currency holders. 

Market focus will be on the October Consumer Price Index data on Wednesday, Producer Price Index and weekly jobless claims on Thursday, followed by retail sales and industrial production on Friday. A throng of US central bank officials are also scheduled to speak this week, including chair Jerome Powell.

Bullion prices have come under pressure since Donald Trump won the US presidential election. Trump's victory has raised the possibility of higher inflation and the need to maintain rates higher for longer.

The Fed lowered the benchmark rate by 25 basis points (bps) on Thursday. Traders now see a 66% chance of another 25-bp cut in December.

Last week, Powell said the election results would have no "near-term" impact on US monetary policy. But as the incoming administration's proposals take shape, the Fed chief said the central bank would begin estimating the impact on its twin goals of stable inflation and maximum employment.

Gold is considered a hedge against inflation, but higher interest rates reduce the appeal of holding the non-yielding asset.

Spot silver steadied at US$30.66 per ounce, platinum lost 0.3% to US$961.90, and palladium added 0.3% at US$983.61.

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