PRECIOUS-Gold prices edge up as investors seek more US data

* Slowdown in US econ data to lift gold prices - analyst * US payrolls data due on Friday (Updates prices as of 1242 GMT) By Harshit Verma June 3 (Reuters) - Gold prices ticked up on Monday, as investors awaited multiple U.S. economic reports this week for clues on health of the economy, after a recent inflation report suggested the Federal Reserve might have room for rate cuts in 2024. Spot gold XAU= edged 0.3% higher to $2,332.91 per ounce, as of 1242 GMT as the dollar index .DXY ticked 0.1% lower. Bullion gained 2% in May and about 13% year-to-date. U.S. gold futures GCcv1 rose 0.3% to $2,353.40. "With many important economic data being released in the U.S. this week, the gold market is moving sideways, watching out if the data confirms a soft landing of the U.S. economy or not," UBS analyst Giovanni Staunovo said. Investors will look at the Institute of Supply Management's (ISM) nationwide PMI reading expected at 1400 GMT, Wednesday's ADP employment report and non-farm payrolls data due on Friday. "We still expect a slowdown (in U.S. economic data) will allow the Federal Reserve to cut interest rates later this year and this should lift gold prices," Staunovo said. Data on Friday showed that the U.S. inflation had stabilised in April, raising bets for a rate cut in September. Traders are currently pricing in about a 56% chance of a cut in September, versus about 49% before the report. FEDWATCH While bullion is considered an inflation hedge, higher rates increase the opportunity cost of holding the non-yielding asset. Elsewhere, the European Central Bank is seen almost certain to trim rates by a quarter point to 3.75% on Thursday, and this could make it the first major central bank to cut rates this cycle. Spot silver XAG= rose 0.4% to $30.48 per ounce, platinum XPT= was down 0.8% at $1,029.55 and palladium XPD= gained 0.4% to $916.75. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Spot gold price in USD per oz https://reut.rs/3X8JBh6 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Harshit Verma in Bengaluru; Editing by Mrigank Dhaniwala and Ravi Prakash Kumar) (([email protected];))