- Gold, silver on track for 2nd straight month of gains
- U.S. Q3 GDP uptick failed to sway rate-cut bets - analyst
- Dollar set to log worst month in a year
- U.S. PCE data due at 1330 GMT
Nov 30 (Reuters) - Gold prices consolidated in a tight range on Thursday, hovering close to a near seven-month high, as investors awaited a key inflation print to gauge whether interest rate cuts in the U.S. would come sooner than expected.
Spot gold was down 0.1% at $2,041.76 per ounce by 0543 GMT, after hitting its highest since May 5 on Wednesday, and was poised for its second straight monthly gain. Bullion was trading in a range of about $5 on Thursday.
U.S. gold futures for December delivery fell 0.2% to $2,042.40 per ounce.
"Prices seem to be taking a slight breather in today's session, with some wait-and-see," IG market strategist Yeap Jun Rong said, ahead of the U.S. personal consumption expenditure data - the Fed's preferred inflation gauge - at 1330 GMT.
"Despite the U.S. Q3 GDP posing an upside surprise overnight, the data failed to sway market rate-cut bets, as sentiments continue to take cues from more recent Fed (officials') comments."
Federal Reserve officials this week flagged the possibility of a rate cut in the upcoming months and expected growth to slow down and inflation to continue to ease, dragging yields on 10-year Treasury notes to a two-and-a-half month low of 4.2470%.
Lower interest rates reduce the opportunity cost of holding non-interest-bearing bullion.
Traders have now advanced their bets for a rate cut by the U.S. central bank from an 80% chance in May to a one-in-two chance in March, according to CME's FedWatch tool.
Making gold less expensive for other currency holders, the dollar index drifted near three-month lows, and was set to log its worst monthly performance in a year in November.
Investor focus will also be on comments from Fed Chair Jerome Powell, who is due to speak on Friday.
Spot silver fell 0.2% to $24.95 per ounce. Platinum was down 0.2% at $930.24. Palladium fell 0.4% to $1,023.42 per ounce.
Reporting by Harshit Verma in Bengaluru; Editing by Rashmi Aich, Mrigank Dhaniwala and Sonia Cheema
Source: Reuters