By Sukanya Mitra

(Reuters) - Gold prices eased on Wednesday, on track to snap a three-session winning ‌streak, with focus shifting to U.S. inflation data due later today for signals on the Federal Reserve's outlook on interest rates.

Spot gold fell 0.9% to $4,616.62 per ounce by 0927 GMT, after prices climbed ​to their highest since May 14 on Tuesday following the U.S. Treasury ​Department's recent bond buyback announcement.

“Gold prices are subdued today ⁠as the rally looks technically stretched and markets adopt a cautious stance ahead ​of key events that can shape its trajectory," said Nikos Tzabouras, senior market analyst at ​Jefferies-owned Tradu.com.

The U.S. Personal Consumption Expenditures (PCE) inflation report for July is due at 1230 GMT, along with Fed Chair Kevin Warsh's remarks at the Jackson Hole Symposium on Friday.

Soft producer and consumer inflation figures ​published this month lowered the probability of an interest rate hike in September. Traders ​are now pricing in about a 64% chance that the Fed will leave rates unchanged next ‌month, ⁠according to the CME FedWatch Tool.

Gold often loses its appeal in a high-interest-rate environment due to its non-yielding characteristic.

"If Warsh remains tight-lipped about policy, then we may expect some renewed easing in the dollar and further interest in gold on the basis of ​uncertainty; if he ​is resolutely firm in ⁠his intentions, then gold may come under pressure," said Rhona O'Connell, head of market analysis at StoneX.

On the geopolitical front, Iran ​said it had restarted talks with neighbor Oman to manage the ​Strait of ⁠Hormuz as it faces heightened economic pressure from U.S. President Donald Trump in the wider conflict.

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Meanwhile, China's net gold imports via Hong Kong in July rose about 11% from a month ⁠earlier, ​data showed on Tuesday, supported by an uptick in ​investment demand.

Among other metals, spot silver slipped 0.3% to $68.46 per ounce, platinum dropped 0.3% to $1,852.06, and palladium ​gained 0.7% to $1,335.09.

Reporting by Sukanya Mitra in Bengaluru; Editing by Rashmi Aich and Louise Heavens

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