Sharjah24 - Reuters: Gold prices edged higher on Thursday, with traders focusing on the upcoming U.S. economic data that may offer further insights into an expected reduction in the Federal Reserve's interest rate next week.
Spot gold was up 0.2% at $2,515.59 per ounce, as of 0353 GMT. U.S. gold futures were steady at $2,543.40.
"Gold will likely break above $2,532. Only strong macroeconomic data, particularly from the U.S., indicating significant growth or economic improvement, could stop its upward trend," said Kelvin Wong, OANDA's senior market analyst for Asia Pacific.
Traders will focus on the U.S. Producer Price Index and initial jobless claims print, scheduled for release at 1230 GMT, as well as consumer sentiment data coming out on Friday.
Headline PPI month-over-month is expected at 0.1%, while the year-over-year read is expected at 1.8%. This compares to prints of last month's 0.1% and 2.2%, respectively.
Data on Wednesday showed that U.S. consumer prices rose marginally in August, but underlying inflation showed some stickiness, which could discourage the Federal Reserve from delivering a half-point interest rate cut next week.
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