Gold prices moved in a tight range on Wednesday as investors waited for key U.S. inflation data to get a glimpse of the potential magnitude of a Federal Reserve rate cut next month.

The spot gold price was stable at $2,635.56 per ounce at 02:22 GMT, moving largely within a narrow range of $9 during the session. The bullion hit its lowest level in over a week on Tuesday. US gold futures rose 0.6% to $2,635.80.

The ceasefire brokered by the United States and France between Israel and the pro-Iranian terrorist group Hezbollah came into effect on Wednesday at 02:00 GMT. Gold has traditionally been considered a safe haven in times of economic and geopolitical uncertainty, especially in the event of a trade war or conflict

Federal Reserve officials were divided on the issue of further rate cuts at their meeting earlier this month, but agreed to limit guidance on the future direction of US monetary policy.

Spot silver fell by 0.1% to $30.39 per ounce, platinum was stable at $927.45, and palladium fell by 0.4% to $973.50 per ounce.