Aug 12 (Reuters) - Gold prices rose to a one-week high on Monday, driven by safe-haven inflows as traders keenly awaited U.S. inflation data due later this week that could shed more light on the Federal Reserve's interest rate cut path.
Spot gold rose 0.9% to $2,453.77 per ounce as of 1350 GMT. U.S. gold futures gained 0.8% to $2,493.90.
"What we're seeing today in the gold and silver markets is some price support coming from bullish charts in gold prompting some technical buying," said Jim Wycoff, senior analyst at Kitco Metals.
"You're also seeing a little bit of safe-haven demand coming from heightened tensions in the Middle East," Wycoff said.
Russia evacuated civilians from parts of a second region near Ukraine after Kyiv increased military activity near the border.
Palestinian militant group Hamas on Sunday asked mediators to present a plan based upon previous talks instead of engaging in new negotiations for a Gaza ceasefire deal.
Investors will be looking out for the U.S. producer prices data on Tuesday and consumer prices numbers on Wednesday for more clarity on inflation.
Fed Governor Michelle Bowman on Saturday softened her usually hawkish tone slightly, noting some further "welcome" progress on inflation in the last couple of months.
Markets are pricing in a 49% chance of a 50 basis point (bps) rate cut by the Fed in September, the CME Group's FedWatch, opens new tab tool shows.
Bullion is considered a hedge against geopolitical and economic uncertainties and tends to thrive in a low-interest-rate environment.
"Every way you look at it, gold now screens as a well-populated trade. The Street is unanimously bullish, but macro fund positioning may now be tapped out without an imminent recession," TD Securities said in a note.
Elsewhere, spot silver rose 1.4% to $27.82 per ounce, platinum added 2.4% to $944.60 and palladium was 2.2% higher at $924.75
Reporting by Rahul Paswan and Brijesh Patel in Bengaluru; Editing by Kevin Liffey
