Gold prices firmed near month-high levels on Friday and were set for a second weekly rise after data showed that U.S. inflation was gradually easing, while traders turned their focus to remarks from a slew of Federal Reserve officials.
FUNDAMENTALS
* Spot gold 
GOLD was steady at $2,043.98 per ounce, as of 0150 GMT, after hitting $2050.59 on Thursday – its highest level since Feb. 2. U.S. gold futures GOLD edged 0.1% lower to $2,052.40.
* Data on Thursday showed the U.S. personal consumption expenditures (PCE) price index rose by 0.3% in January, while the core PCE price index gained 0.4%. In the 12 months through January, inflation rose 2.4% – the smallest in nearly three years.
* U.S. central bankers are looking through recent data showing price pressures rebounded last month, and are focusing instead on overall progress on inflation that they say will likely set the table for interest-rate cuts later this year.
* At least six more Fed officials are due to speak on Friday.
* Traders are betting on about three quarter-point (25 bps) interest rate cuts for 2024 in the U.S., with a 65% chance of the first one coming in June, according to LSEG’s interest rate probability app IRPR.
* Lower interest rates boost the appeal of non-yielding bullion.
* The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust’s 
GLD holdings (HLDSPDRGT=XAU) fell 3.3% in February and 6.4% so far this year.
* Platinum group metals producer Impala Platinum 
IMP could shut some of its loss-making South African mining operations if metal prices deteriorate further and restructuring efforts fail to improve margins, CEO Nico Muller said.
* Spot platinum 
PL1! climbed 0.5% to $880.45 per ounce, and palladium 
XPDUSD1! rose 0.2% to $943.37, while silver 
XAGUSD1! fell 0.1% to $22.64.
DATA/EVENTS (GMT)
0500 India Mfg PMI Feb
0700 UK Nationwide house price Feb
0900 Euro Zone Mfg PMI Feb
0930 UK Mfg PMI Feb
1330 US Fed’s Barkin speaks —
1445 US S&P Mfg PMI Feb
1500 US ISM Mfg PMI Feb
1500 US U Mich Sentiment Final Feb
1500 US Construction Spending Jan
1515 US Fed’s Waller, Logan speak —
1715 US Fed’s Bostic speaks —
1830 US Fed’s Daly speaks —
2030 US Fed’s Kugler speaks —