PRECIOUS-Gold prices barely move ahead of US inflation data

Nov 27 (Reuters) - Gold was little changed on Wednesday, as investors awaited U.S. inflation data for clues on the scale of a possible Federal Reserve rate cut next month.

FUNDAMENTALS

* Spot gold was flat at $2,630.59 per ounce, as of 0015 GMT. Bullion hit its lowest level since Nov. 18 on Tuesday.

* U.S. gold futures rose 0.4% to $2,630.70.

* Minutes from the Nov. 6-7 Fed meeting revealed officials were divided on further rate cuts, with many supporting a gradual easing of policy restraint.

* Additionally, U.S. consumer confidence increased to a 16-month high in November amid optimism over the labor market, expectations for lower inflation and higher stock prices over the next year.

* On the geopolitical front, a U.S.-France brokered ceasefire between Israel and Iran-backed group Hezbollah that will take effect on Wednesday, President Joe Biden announced.

* Gold is traditionally seen as a safe investment during economic and geopolitical uncertainty such as trade wars.

* According to the CME Group's FedWatch Tool, markets currently sees a 63.2% chances of a 25-basis-point rate cut by the U.S. Federal Reserve in December, which would be the third cut this year.

* Traders are keeping a close watch on initial jobless claims, GDP (first revision) and core PCE figures set for release later in the day.

* Elsewhere, China's net gold imports via Hong Kong in October fell from September and were down 43% from the previous year, data showed.

* Spot silver was slightly changed at $30.41 per ounce, platinum was steady at $928.25 and palladium rose 0.03% to $977.47.

* Meanwhile, the global platinum market will face a structural deficit in 2025 for the third year, as constrained mine supply offsets increased recycling and a 1% demand drop, the World Platinum Investment Council said.

DATA/EVENTS (GMT) 1330 US Durable Goods Oct 1330 US GDP 2nd Estimate Q3 1330 US Initial Jobless Clm 23 Nov, w/e 1500 US Consumption, Adjusted MM Oct 1500 US Core PCE Price Index MM Oct 1500 US Core PCE Price Index YY Oct 1500 US PCE Price Index MM Oct 1500 US PCE Price Index YY Oct (Reporting by Daksh Grover in Bengaluru; Editing by Rashmi Aich)