PRECIOUS-Gold flat as investors weigh US-Iran tensions; markets await inflation data

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US weekly jobless claims fall more than expected

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US PCE data due on Friday

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Fed minutes show officials grappling with policy split

(Updates for US morning session)

By Anmol Choubey

Feb 19 (Reuters) - Gold prices were little changed on Thursday ?as investors monitored U.S.-Iran tensions, while a ?drop in U.S. jobless claims signalled labour-market stability ahead of inflation data later this week.

Spot gold was steady ?at $4,980.32 per ounce by 09:16 a.m. ET (1416 GMT). U.S. gold futures for ?April delivery edged down 0.2% to $5,000.30.

"We're being whipsawed and moving ?sideways with volatility," said ?Daniel Pavilonis, senior market strategist at RJO Futures.

"Tensions with Iran are supporting gold, and while the broader ?outlook remains quite bullish, we could still ?see one more leg down driven by factors outside the Iran situation."

Top U.S. national security advisers met in the White ?House Situation Room on Wednesday to discuss ?Iran and ?were told all U.S. forces deployed to the region should be in place by mid-March.

The White House said some progress was made in this ?week's Iran talks in Geneva, though significant gaps remained.

Geopolitical and economic flashpoints ?tend to work in gold's favour, as the yellow metal is traditionally viewed as a safe store of value.

The Fed's January minutes showed on Wednesday policymakers were united on holding rates steady but split on the path ahead, with ?several open ?to hikes if inflation stays high, while others favored cuts ?if price pressures ease.

U.S. weekly jobless claims fell to 206,000 in the ?week to February 14, well below expectations for 225,000, reinforcing the strength signaled by last week's robust non-farm payrolls report.

Investors are now awaiting the December Personal Consumption Expenditures report, the Fed's preferred inflation gauge, due on Friday, for further clues on the central bank's policy trajectory.

Markets currently expect this year's first interest rate cut to be in June, according to ?the CME's FedWatch Tool. Non-yielding gold tends to do well in low interest-rate environments.

Spot silver rose 0.9% to $77.85 per ounce after climbing more than 5% on Wednesday.

Spot ?platinum fell 0.1% to $2,068.17 per ?ounce, while palladium lost 2.4% to $1,674.09. (Reporting by Anmol Choubey in ?Bengaluru; Editing by Jan Harvey)