U.S. dollar scales one-year peak
U.S. PPI, weekly jobless claims data due at 1330 GMT
Fed Chair Powell due to speak later in the day
Adds comments, details and prices
By Rahul Paswan
Nov 14 (Reuters) - Gold fell for a fifth straight session on Thursday to hit its lowest level in eight weeks, pressured by a stronger U.S. dollar and rising Treasury yields amid uncertainty over the pace of the Federal Reserve's interest rate cuts.
Spot gold XAU= was down 0.6% at $2,559.39 per ounce, as of 0244 GMT, after hitting its lowest since Sept. 19 earlier in the session. U.S. gold futures GCv1 fell 0.9% to $2,564.00.
The U.S. dollar .DXY advanced to a one-year high, making gold more expensive for overseas buyers, while Treasury yield US10YT=RR rose to its highest since July. USD/ US/
"For the time being, gold is just pushed around by the dollar and yields, which is creating this mechanical drop in the short term," said Kyle Rodda, financial market analyst at Capital.com.
"While last night's inflation data suggests that the Fed might be able to lower things slightly next month, the next year is being driven by expectations of higher inflation and therefore fewer rate cuts."
Data released on Wednesday showed that U.S. consumer prices increased as expected in October, and progress towards low inflation has slowed in recent months. FEDWATCH
Gold is considered a hedge against inflation, but higher interest rates dampen the appeal of holding the non-yielding asset.
Meanwhile, Fed officials remain cautious about future rate cuts, citing potential risks to inflation.
While St. Louis Fed President Alberto Musalem expects inflation to gradually decline, Dallas Fed President Logan warned against excessive easing that could reignite inflationary pressures.
Investors are awaiting the U.S. Producer Price Index $(PPI)$ and weekly jobless claims data, both due at 1330 GMT, as well as comments from Fed Chair Jerome Powell, who is scheduled to speak later in the day.
Spot silver XAG= fell 0.9% to $30.05 per ounce, its lowest level since Sept. 19. Platinum XPT= lost 0.5% to $933.10 and palladium XPD= dropped 0.8% to $925.75.
(Reporting by Rahul Paswan in Bengaluru; Editing by Subhranshu Sahu)
((RahulKumar.Paswan@thomsonreuters.com ; If within U.S. +1 646 223 8780;;))
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