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Gold prices edged higher on Thursday after overnight data showed U.S. inflation rate eased to 5 percent in March, the lowest rise in almost 2 years - bolstering expectations the Federal Reserve may pause rate hikes or nearing a peak.
Spot gold rose 0.6 percent to $2,026.51 per ounce while U.S. gold futures were up 0.8 percent at $2,040.75.
The dollar and emerging market currencies strengthened amid rising bets that the Fed may hold rates steady in May, something it has not done for more than a year and could cut interest rates later this year in order to prop up the economy.
Warnings of a rising risk of U.S. recession also boosted safe-haven demand for bullion.
Recession risks have increased as turmoil snarls the financial sector, according to an IMF report Tuesday.
According to minutes of the Fed's March meeting released on Wednesday, Federal Reserve economists predict that turmoil after the collapse of several banks will cause a "mild recession" later this year.
