Gold prices stabilize ahead of US inflation data

Gold prices witnessed little change on Tuesday as investors refrained from making big bets ahead of a report on inflation in the United States that may provide a new perspective on the date of the first interest rate cut from the Federal Reserve (the US central bank).

According to Reuters, gold settled in spot transactions at $2,018.71 per ounce by 0424 GMT, after falling briefly to the lowest level in more than two weeks at $2,011.72 per ounce on Monday.

US gold futures also saw little change and settled at $2,032.30 per ounce.

Trading volume is expected to be weak with markets in China and Hong Kong closed for the Lunar New Year holiday.

All eyes are on inflation data from the US CPI for January, scheduled for release at 1330 GMT.

As for other precious metals, platinum settled in spot transactions at $888.89 per ounce, palladium rose 1.5% to $905.71, and silver increased 0.1% to $22.71.