WASHINGTON (dpa-AFX) - Gold ticked higher on Thursday ahead of a European Central Bank (ECB) policy meeting later in the day.
Spot gold edged up 0.3 percent to $2,518.61 per ounce while U.S. gold futures were up 0.2 percent at $2,546.90.
The ECB is widely expected to cut its key interest rates by 25 basis points amid falling inflation and economic indicators signaling a weaker outlook.
ECB staff macroeconomic projections and ECB Chief Christine Lagarde's press conference due at 8.45 am ET may sway trading sentiment as the day progresses.
Meanwhile, investors looked past high core U.S. inflation number and shift their focus to producer price inflation and weekly jobless claims data due later in the day for hints regarding the size of future rate cuts by the Federal Reserve.
After August's inflation report matched expectations, markets are now more confident the Fed will cut its rate by 25 basis points next week and reserve the potential for more aggressive action later this year in case there is further deterioration in the job market.
CME Group's FedWatch Tool points to rates being at least a full percentage point lower by the end of the year.
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