PRECIOUS-Gold falls as traders hunker down for US inflation print

Feb 12 (Reuters) - Gold eased on Wednesday, after hitting an all-time high in the previous session on global trade war fears triggered by U.S. President Donald Trump's new tariffs, as the market's focus shifted to a key U.S. inflation report.

FUNDAMENTALS

Spot gold XAU= fell 0.1% at $2,895.23 per ounce, as of 0033 GMT, after climbing a peak of $2,942.70 on Tuesday.

U.S. gold futures GCcv1 eased 0.3% to $2,923.40.

Mexico, Canada and the European Union on Tuesday condemned Trump's decision to impose tariffs on all steel and aluminium imports next month, which fanned fears of a trade war as investors braced for yet more trade duty announcements.

U.S. Federal Reserve Chair Jerome Powell said the economy is in a good place and the Fed isn't rushing to cut interest rates further, but is prepared to do it if inflation drops or the job market weakens.

Bullion is considered a hedge against inflation, but higher interest rates dampen the non-yielding asset's appeal.

Investors now await U.S. Consumer Price Index (CPI) data due at 1330 GMT and Producer Price Index (PPI) data on Thursday.

Federal Reserve Chair Jerome Powell is also due to testify before Congress later in the day.

Elsewhere, gold leasing rates in India have doubled within a month to a record high, following the overseas market, where rates jumped due to a supply crunch as global banks divert the precious metal to the United States, industry officials told Reuters.

Spot silver XAG= fell 0.1% to $31.78 per ounce, while platinum XPT= gained 0.1% to $984.50 and palladium XPD= firmed 0.3% to $978.77.

DATA/EVENTS (GMT)

1330 US Core CPI MM, SA, Core CPI YY, NSA Jan

1330 US CPI MM, SA, CPI YY, NSA Jan

1330 US CPI Wage Earner Jan

1530 US EIA-Nat Gas Chg Bcf, Nat Gas-EIA Implied Flow 7 Feb, w/e