Gold traders eye US inflation data for price direction

Gold prices rose 0.4% to $2,024.95 per ounce as the dollar eased, regaining ground after a sharp retreat in the previous session ahead of inflation data that could shed light on the outlook for US interest rates. Prices are about 3% lower from near record levels reached last week, pressured after data showed US job growth accelerated in April, pointing to persistent labor market strength. Markets saw a 91% chance of the Fed holding rates at their current level in June, and a 33% chance of a rate cut in July, according to CME's FedWatch tool.