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Gold eked out modest gains on Tuesday as new survey results showing a fall in U.S. consumer inflation expectations boosted expectations for an imminent shift in the Federal Reserve's policy stance.
Spot gold rose 0.4 percent to $2,036.47 per ounce, while U.S. gold futures were up half a percent at $2,042.70.
A New York Federal Reserve report revealed on Monday that consumers expect lower inflation as well as weaker income and spending over the next several years.
Comments from Fed officials also boosted bets that the Federal Reserve may start cutting rates as early as March.
Atlanta Fed President Raphael Bostic on Monday reiterated his expectation of two rate cuts by the Fed this year.
Separately, Federal Reserve Governor Michelle Bowman backed eventual rate cuts if inflation falls further towards the Fed's 2 percent target.
Markets look ahead to the release of U.S. consumer inflation and producer price inflation figures on Thursday and Friday, respectively for further clarity on the rate outlook.
