PRECIOUS-Gold slips from record peak; markets eye US economic data

By Noel John

Sept 24 (Reuters) - Gold prices eased on Wednesday as the U.S. dollar firmed, retreating from a record high scaled in the previous session, while investors hunkered down for economic data due later in the week for further cues on the Federal Reserve's policy path.

Spot gold XAU= fell 0.5% to $3,744.19 per ounce, as of 11:53 a.m. ET (1553 GMT), after hitting a record high of $3,790.82 on Tuesday.

U.S. gold futures GCcv1 for December delivery edged down 1% to $3,776.50.

The U.S. dollar index .DXY rose about 0.6%, making dollar-priced bullion more expensive for other currency holders. The benchmark 10-year Treasury yields US10YT=RR also drifted higher. USD/ US/

"Gold is still digesting some of the commentary coming out of the Federal Reserve yesterday and also geopolitical tensions with Russia... It's slightly cautious ahead of some economic data coming out," said Phillip Streible, chief market strategist at Blue Line Futures.

Fed Chair Jerome Powell on Tuesday offered no new clues on the future course of interest rates, stressing that the central bank must carefully balance the risks of stubborn inflation against a slowing job market.

Markets are pricing in two additional 25-basis-point rate cuts this year — one in October with a 94% probability and another in December with a 79% probability, according to the CME FedWatch tool.

Focus is now on Thursday's weekly U.S. jobless claims data and Friday's release of the U.S. Personal Consumption Expenditures index, the Fed's preferred inflation gauge.

On the geopolitical front, Ukraine's military said on Wednesday it struck two oil pumping stations overnight in Russia's Volgograd region.

Safe-haven gold becomes more attractive during periods of geopolitical and economic uncertainty. It also tends to thrive in a low-interest rate environment as it is a non-yielding asset.

Spot silver XAG= fell 0.3% to $43.89 per ounce. Platinum XPT= fell 0.5% to $1,470.96 and palladium XPD= lost 0.2% to $1,216.17.

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