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Gold prices hovered near a month high on Friday after data suggested easing U.S. price pressures, while traders awaited remarks from several Federal Reserve officials.

Spot gold edged 0.1% higher to $2,046.09 per ounce, as of 0420 GMT, after hitting $2050.59 on Thursday - its highest level since Feb. 2. U.S. gold futures were flat at $2,054.60.

"Markets were relieved that there were no nasty surprises in the personal consumption expenditures (PCE) report. Gold traders rejoiced the fact that core-PCE slowed annually," City Index senior analyst Matt Simpson said.

Data showed on Thursday PCE inflation in January rose 2.4%, the smallest annual increase since February 2021, after a 2.6% advance in December.

U.S. central bankers are focusing on overall progress on inflation that they say will likely set the table for interest-rate cuts later this year. [FED/]

Lower rates boost the appeal of non-yielding bullion.

Money market pricing shows traders are pricing in three quarter-point U.S. rate cuts for 2024.

Investors will watch out for remarks from at least six more Fed officials due later on Friday.

The world's largest gold-backed exchange-traded fund, SPDR Gold Trust's holdings fell 3.3% in February and 6.4% so far this year. [GOL/ETF]

"Whilst negative ETF flows are capping gold prices, China's central bank is a key reason that gold prices remain supported, as they were the second highest purchaser of gold reserves in the fourth quarter," Simpson said.

Spot platinum climbed 0.8% to $882.60 per ounce, and palladium rose 0.7% to $948.38. However, both posted a second consecutive monthly decline, with palladium touching more than five-year lows of $849.13.

Platinum group metals producer Impala Platinum said it could shut some of its loss-making South African mining operations if metal prices deteriorate further and restructuring efforts fail to improve margins.

Spot silver rose 0.5% to $22.79.