PRECIOUS-Gold rises on softer dollar ahead of U.S. inflation data

    Feb 14 (Reuters) - Gold prices rose for a third straight
session on Wednesday to hit a one-week high, buoyed by a weaker
dollar, while investors awaited U.S. inflation data for clues on
the pace of future U.S. interest rate increases. 
    * Spot gold        was up 0.3 percent at $1,332 an ounce, as
of 0115 GMT, after touching its highest level since Feb. 6 at
    * U.S. gold futures         rose 0.4 percent to $1,335 per
    * The dollar was down against a basket of currencies at
89.722       , having shed 0.6 percent overnight.       
    * A retreat in the dollar, in which bullion is priced, has
helped gold pull back nearly 2 percent from last week's
one-month low of $1,306.81 an ounce. 
    * Asian shares were set for a tense session on Wednesday as
investors await readings on U.S. inflation that could fan fears
of faster rate hikes and unleash another burst of global
    * U.S. inflation data for January is due on Wednesday and
the U.S. Federal Reserve next meets on March 20-21.            
    * British inflation unexpectedly held close to its highest
level in nearly six years in January, highlighting the challenge
facing the Bank of England and reinforcing expectations of a
rise in interest rates in May.             
    * Economic growth in the U.S., Europe and Asia has stoked
inflation fears in recent weeks, pushing up bond yields and
undermining stock prices, and Wednesday's U.S. inflation data
may help determine whether the correction in equities markets is
    * Inflation is sometimes regarded as gold-positive, because
bullion is seen as a safe haven when price pressures are rising,
but expectations that the U.S. Federal Reserve will lift
interest rates to fight inflation make the non-yielding metal
less attractive. 
    * Robust consumer spending drove Japan's economy to eight
straight quarters of growth in October-December, its longest
continuous expansion since the 1980s bubble economy.
    * SPDR Gold Trust      , the world's largest gold-backed
exchange-traded fund, said its holdings rose 0.36 percent to
823.66 tonnes on Tuesday from 820.71 tonnes on Monday.
    * Russia produced 306.9 tonnes of gold in 2017, up from
288.5 tonnes in 2016, the finance ministry said on Tuesday.
    * South African miner Harmony Gold's          half-year
profit rose 49 percent, boosted by improved performance at its
South African operations, the firm said on Tuesday.             
    * Gold trader Regal RA DMCC has become the first company in
the Middle East to be awarded a licence by the Dubai Multi
Commodities Centre (DMCC) to trade in cryptocurrencies.

      0700  Germany       GDP flash estimate           Q4
     1000   Euro zone     GDP flash estimate           Q4
     1000   Euro zone     Industrial production        Dec
     1330   U.S.          Consumer prices              Jan
     1330   U.S.          Retail sales                 Jan
     1500   U.S.          Business inventories         Dec

 (Reporting by Eileen Soreng in Bengaluru; Editing by Amrutha