Gold prices edge higher with US inflation data on tap

Investing.com-- Gold prices rose slightly in Asian trade on Tuesday, recovering marginally from steep losses in the prior session as focus remained squarely on upcoming U.S. inflation data for more cues on interest rates.

While the yellow metal saw some strength last week, it remained well below record highs hit in April, with traders remaining biased towards the dollar amid fears of high-for-longer U.S. rates.

Spot gold rose 0.3% to $2,343.60 an ounce, while gold futures expiring in June rose 0.3% to $2,349.05 an ounce by 00:22 ET (04:22 GMT). 

PPI, CPI inflation awaited for more rate cues.

U.S. producer price index data was due later on Tuesday, while the more closely-watched consumer price index reading was due on Wednesday.