PRECIOUS-Gold subdued on Fed comments after U.S. inflation data

    * Initial jobless claims at 1230 GMT
    * Gold continues to consolidate in its new range - analyst
    * Fed officials hint at big rate hikes

 (Updates prices)
    By Arundhati Sarkar
    Aug 11 (Reuters) - Gold prices eased on Thursday from last
session's one-month peak, weighed down by hawkish policy remarks
by U.S. Federal Reserve officials even as data pointed to signs
of inflation peaking.
    Spot gold        edged 0.1% lower to $1,790.99 per ounce by
1022 GMT, after hitting its highest since July 5 at $1,807.79 on
    U.S. gold futures        fell 0.4% to $1,806.10.
    "Gold has struggled to make significant headway despite the
correction in both the U.S. dollar index and the easing in the
10-year U.S. treasury bond yield," said independent analyst Ross
    "Weighing on investors' minds is the notion that maybe we
have seen peak inflation following the softer-than-expected CPI,
coupled with hawkish remarks by two FOMC members, with gold
slipping back to technical support on the charts."
    The dollar index weakened       , making bullion appealing
for overseas investors.             
    The July CPI report came in softer than expected, causing
markets to reposition on hopes that inflation was peaking.
    However, Fed policymakers noted that they would continue to
tighten monetary policy until price pressures were fully broken.
    StoneX analyst Rhona O'Connell said Fed Chair Jerome
Powell's argument that the United States is not in a recession
has been validated thus far by the non-farm employment number,
which points to continued labour tightness, and the market
therefore is looking at a 75-basis-point interest rate hike in
    While gold is considered an inflationary hedge, rising U.S.
interest rates increase the opportunity cost of holding
non-yielding bullion.
    But, there's a lot of data to come ahead of the next FOMC
meet, and gold continues to consolidate in its new range,
O'Connell added.
    Focus now turns to U.S. producer prices data, along with
jobless claims numbers later in the day.
    Elsewhere, spot silver        fell 0.3% to $20.51 per ounce,
while platinum        rose 2.1% to $961.81.
    Palladium        jumped 1.1% to $2,263.81.

 (Reporting by Arundhati Sarkar in Bengaluru; Editing by
Shailesh Kuber)