PRECIOUS-Gold ticks lower, focus on US inflation print

By Ashitha Shivaprasad

March 10 (Reuters) - Gold prices dipped on Monday as profit-taking countered support from safe-haven demand fuelled by geopolitical uncertainty, while focus was also on the U.S. inflation print.

Spot gold XAU= fell 0.8% to $2,887.67 an ounce at 1740 GMT, after rising 2% in the previous week. U.S. gold futures GCcv1 settled 0.5% lower at $2,899.40. USD/

"There is a slight pause in gold prices due to some mild profit-taking and a weaker stock market. However, we might see some safe-haven bids later," said Jim Wyckoff, senior analyst at Kitco Metals.

U.S. stock index futures fell as worries persisted that tit-for-tat tariffs could affect the world's largest economy. .N

President Donald Trump declined to predict whether the U.S. could face a recession amid stock market concerns over his tariff actions.

Trump imposed new 25% tariffs on imports from Mexico and Canada last Tuesday, along with fresh duties on Chinese goods. But two days later, he exempted many imports from Mexico and some from Canada from those tariffs for a month.

"Uncertainty regarding trade wars and global economic recessions are all bullish for gold, record high levels are possible again. Weaker-than-expected data is going to be friendly for gold," Wyckoff said.

Investors are also watching out for the U.S. Consumer Price Index data due on Wednesday and the Producer Price Index print on Thursday. Traders are currently fully pricing in a U.S. rate cut for June. FEDWATCH

Federal Reserve Chair Jerome Powell said on Friday it remains to be seen if the Trump administration's tariff plans would prove to be inflationary.

Lower rates boost the appeal of non-yielding bullion.

Spot silver XAG= fell 1.5% to $32.03 an ounce.

"Investment in silver is set for modest improvement... Still, broader economic concerns, particularly related to China's economy, could dampen investor enthusiasm," Marex consultant Edward Meir said in a note.

Data showed that China's imports unexpectedly shrank over the January-February period, while consumer price index fell at the sharpest pace in 13 months in February.

Platinum XPT= fell 0.4% to $959.35 and palladium XPD= was down 0.9% at $941.38.