July 18 (Reuters) - Gold prices held steady on Thursday after hitting a record peak in the previous session amid rising expectations of a U.S. rate cut in September.
FUNDAMENTALS
* Spot gold was little changed at $2,459.47 per ounce, as of 0051 GMT. Prices hit an all-time high of $2,483.60 on Wednesday. U.S. gold futures rose 0.1% to $2,462.50.
* Top Federal Reserve officials said on Wednesday the U.S. central bank is "closer" to cutting interest rates given inflation's improved trajectory and a labor market in better balance, remarks that set the stage for a first reduction in borrowing costs in September.
* Markets expect a 25 basis point (bp) reduction at the Fed's September meeting, according to CME's FedWatch Tool. Lower interest rates put pressure on the dollar and bond yields, which increases the appeal of non-yielding bullion.
* U.S. economic activity expanded at a slight to modest pace from late May through early July with firms expecting slower growth ahead, a Fed survey showed.
* Meanwhile, the European Central Bank is all but certain to keep interest rates unchanged on Thursday while signaling that its next move is still set to be a cut, even if this guidance is likely to be vague and carry caveats.
* Spot silver rose 0.1% to $30.33 per ounce, platinum steadied at $994.40 and palladium gained 0.8% to $958.99.
DATA/EVENTS (GMT)
0600 UK Claimant Count Unem Chng June
0600 UK ILO Unemployment Rate May
0600 UK HMRC Payrolls Change June
1215 EU ECB Refinancing Rate July
1215 EU ECB Deposi Rate July
1230 US Initial Jobless Clm 13 July, w/e
1230 US Philly Fed Business Indx July (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Subhranshu Sahu)
