PRECIOUS-Gold little changed as traders await US inflation data

May 30 (Reuters) - Gold prices inched lower on Friday as investors held back from making big bets ahead of a key U.S. inflation report that could shed more light on the Federal Reserve's policy path.

FUNDAMENTALS

Spot gold XAU= was down 0.1% at $3,312.85 an ounce, as of 0100 GMT. Bullion has gained 0.6% so far in May, heading for its fifth straight monthly rise.

U.S. gold futures GCcv1 eased 0.2% to $3,310.50.

Global stocks rose while the U.S. dollar weakened on Thursday as markets digested an ongoing court battle over President Donald Trump's so-called "Liberation Day" tariffs. MKTS/GLOB

A federal appeals court temporarily reinstated the most sweeping of Trump's tariffs on Thursday, a day after a U.S. trade court ruled that Trump had exceeded his authority in imposing the duties and ordered an immediate block on them.

Investors now await the April U.S. personal consumption expenditures (PCE) price index report, the Fed's preferred inflation measure, due later in the day.

Fed policymakers could still cut interest rates twice this year as they projected in March, San Francisco Fed President Mary Daly said on Thursday, but for now rates should remain steady to make sure inflation is on track to reach the central bank's 2% goal.

Data on Thursday showed that the number of Americans filing new applications for unemployment benefits increased more than expected last week.

SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.50% to 930.20 metric tons on Thursday from 925.61 tons on Wednesday. GOL/ETF

Elsewhere, spot silver XAG= fell 0.3% to $33.23 an ounce, platinum XPT= was down 0.1% at $1,080.93 and palladium XPD= edged 0.1% lower to $972.11.

DATA/EVENTS (GMT)