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PRECIOUS-Gold falls on firm yields, dollar; U.S. inflation data in focus

* U.S. 10-year Treasury yields hit over 1-week high

* U.S. consumer price data due at 1230 GMT

* U.S. job openings hit record high in March (Adds comment, updates prices)

May 12 (Reuters) - Gold prices slipped on Wednesday, weighed down by higher U.S. Treasury yields and a slight rebound in the dollar ahead of the much-awaited U.S. consumer price data due later in the day.

Spot gold was down 0.3% at $1,832.05 per ounce by 0646 GMT. U.S. gold futures eased 0.1% to $1,833.60.

“The dollar has strengthened a little bit ... if the inflation rate is higher than expected, it could encourage central banks to consider tightening their monetary policies faster than expected,” said Margaret Yang, a strategist at DailyFX.

The dollar index was up 0.2%, making gold less appealing for other currency holders.

Concerns of a potential acceleration in inflation dragged down the U.S. currency to a more than two-month low in the previous session and drove Asian shares to two-month lows earlier on Wednesday.

The U.S. consumer price data due at 1230 GMT is keenly awaited by market participants to gauge inflationary pressure.

Benchmark U.S. 10-year Treasury yields scaled a more than one-week peak, increasing the opportunity cost of holding gold.

Some investors view gold as a hedge against higher inflation that could follow stimulus measures, but higher Treasury yields have weighed on non-yielding bullion’s appeal this year.

“The 200-day moving average at $1851 an ounce remains formidable resistance, but gold now has clear support at $1820 an ounce,” OANDA senior market analyst Jeffrey Halley said in a note.

Fed officials grappled on Tuesday with April’s unexpectedly weak employment growth, maintaining faith in the U.S. economic recovery but acknowledging the pace of the jobs recovery may prove choppier than anticipated.

Data on Tuesday showed U.S. job openings surged to a record in March, reiterating that a shortage of workers was hampering job growth.

Palladium rose 0.5% to $2,951.60 per ounce. Silver slipped 0.7% to $27.45 per ounce, while platinum fell 0.2% to $1,233.01. (Reporting by Shreyansi Singh in Bengaluru; Editing by Rashmi Aich and Subhranshu Sahu)

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