PRECIOUS-Gold hits two-week high on Fed rate cut bets

* Bullion hit its highest since June 7 * ANZ holds a positive view for gold * Weekly jobless claims data due at 1230 GMT (Updates prices and graphic as of 0802 GMT) By Sherin Elizabeth Varghese June 20 (Reuters) - Gold prices touched a two-week high on Thursday, as softer U.S. economic data increased the likelihood of interest rate cuts from the Federal Reserve this year. Spot gold XAU= was up 0.5% at $2,337.87 per ounce as of 0802 GMT, after hitting its highest since June 7 earlier in the session. U.S. gold futures GCcv1 rose 0.2% to $2,351.30. "I am still favouring moves to the upside for the gold market in light of where we currently stand on the interest rate curve, which is at the peak," said Tim Waterer, chief market analyst at KCM Trade. "The gold market seems content to consolidate recent gains rather than reach higher at this stage, at least until we see some further evidence of softening U.S. macro data, which could alter the interest rate outlook." Last week's data showed a moderation in the labour market and price pressures, followed up with soft retail sales data on Tuesday, suggesting that economic activity remained lacklustre in the second quarter. The Fed is looking for further confirmation that inflation is cooling as they steer cautiously toward what most expect to be a rate cut or two by the end of this year. Lower interest rates reduce the opportunity cost of holding non-yielding bullion. FEDWATCH "Mixed comments from Fed officials could inject volatility in the short term. We hold a positive view for gold with a price target of $2,500 per ounce by the end of 2024," ANZ analysts said in a note. The market's immediate focus is on the U.S. weekly jobless claims data due at 1230 GMT as well as flash purchasing managers' indexes on Friday. Spot silver XAG= rose 1.7% to $30.25 per ounce, platinum XPT= was up 0.7% at $986.65 and palladium XPD= gained 1.3% to $916.75. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Spot gold price in USD per oz https://reut.rs/3zbD1fN ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Sherin Elizabeth Varghese in Bengaluru; Editing by Savio D'Souza and Rashmi Aich) (([email protected];))