PRECIOUS-Gold firms as investors focus on US data for more Fed cues

Nov 17 (Reuters) - Gold prices inched higher on Monday as investors waited for a series of U.S. economic data this week that could shed more light on the Federal Reserve's interest rate path.

FUNDAMENTALS

Spot gold XAU= was up 0.3% at $4,091.89 per ounce, as of 0114 GMT. U.S. gold futures GCcv1 for December delivery were steady at $4,094 per ounce.

Focus this week will be on U.S. data releases, including the September nonfarm payrolls report on Thursday, for clues on the health of the world's largest economy.

The Commerce Department's Bureau of Economic Analysis said on Friday it was working to update its schedule of economic data releases affected by the recently ended government shutdown.

Traders are currently pricing in a 46% probability of a quarter-point Fed rate cut next month, down from 50% in last week. FEDWATCH

Citing worries about inflation and signs of relative stability in the labour market after two interest rate cuts this year, a growing number of Fed policymakers are signalling reticence on further easing.

Non-yielding gold tends to do well in a low-interest-rate environment and during times of economic uncertainties.

Meanwhile, the dollar index .DXY held firm against its rivals, making gold less attractive for other currency holders. USD/

Physical gold demand across major Asian markets was subdued last week as elevated prices curtailed buying activity, with discounts in India reaching their highest level in five months.

SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.47% to 1,044.00 metric tons on Friday from 1,048.93 tons on Thursday.

Elsewhere, spot silver XAG= rose 0.8% to $50.94 per ounce, platinum XPT= gained 0.1% to $1,542.37, and palladium XPD= climbed 1.2% to $1,401.50.