Gold prices remained stable in Asian trade on Wednesday, with attention on upcoming US inflation and interest rate data, as reported by Investing.com financial platform. Hawkish signals from the Federal Reserve kept some investors cautious towards precious metals. Spot gold prices dipped slightly by 0.1 per cent to $2,358.93 per ounce, while gold futures edged up 0.1 per cent to $2,359.80 per ounce ahead of expiration this week. Fed policy in spotlight * Market participants are keenly awaiting further signals on potential US interest rate cuts, with recent hawkish comments from Federal Reserve officials dampening expectations for a September reduction. * Fed President Neel Kashkari warned on Tuesday that policymakers haven't ruled out additional rate hikes to combat persistent inflation, a scenario that could put pressure on gold prices. * A series of speeches by Fed officials and the release of the PCE price index, the Fed's preferred inflation gauge, are scheduled for this week and will be closely monitored by investors. * Higher interest rates tend to increase the opportunity cost of holding non-yielding assets like gold. Mixed performance in other precious metals Unlike gold, platinum and silver have outperformed in recent weeks due to their industrial applications, benefiting from a speculative rally in that sector. * Platinum futures dipped 0.2 per cent to $1,069.00 per ounce. * Silver futures, on the other hand, rose 0.5 per cent to $32.312 per ounce.
