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PRECIOUS-Gold edges higher as dollar dwindles after U.S. inflation data

    April 14 (Reuters) - Gold prices inched higher on Wednesday,
extending gains from the previous session after data showing a
bigger-than-expected rise in U.S. inflation boosted bullion's
appeal as a hedge against it and weighed on the dollar and
Treasury yields.
    
    FUNDAMENTALS
    * Spot gold        rose 0.2% to $1,747.49 per ounce by 0125
GMT. U.S. gold futures        were steady at $1,747.40 per
ounce.
    * Consumer prices in the United States soared by the highest
in more than 8-1/2 years in March, setting off what most
economists expect to be a fleeting spell of higher
inflation.            
    * The U.S. dollar fell to three-week lows, making gold
cheaper for holders of other currencies, while benchmark 10-year
Treasury yields also inched down.            
    * Concerns posed by a suggestion of U.S. health officials to
delay the use of Johnson & Johnson's COVID-19 vaccine also
supported safe-haven gold.             
    * The U.S. economy could expand by 5% to 6% this year,
boosted by increased vaccinations and solid fiscal assistance,
but the Federal Reserve will not withdraw its funding just yet,
Philadelphia Fed President Patrick Harker said.             
    * The European Central Bank should spell out its tolerance
for overshooting its inflation target, ECB policymaker Francois
Villeroy de Galhau said on Tuesday.             
    * China's exports rose sharply in March while imports growth
surged to the highest in four years.             
    * Bitcoin reached a new high of $62,741 on Tuesday,
continuing its 2021 run to new heights just a day before the
listing of Coinbase stock in the United States.             
    * Silver        rose 0.4% to $25.42 and palladium        was
flat at $2,689.44. Platinum        was up 0.8% at $1,165.72 
    
    DATA/EVENTS (GMT)
0630  India  WPI Inflation YY   March
1800  US     Federal Reserve issues the Beige Book 
             of economic condition

 (Reporting by Diptendu Lahiri in Bengaluru; Editing by
Subhranshu Sahu)
  
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