Gold retreats from near record-high levels as rate-cut bets ease

May 23 (Reuters) - Gold prices were listless on Thursday after a recent rally lost steam to dip more than 1% in the previous session, as traders started pulling back their expectations of rate cuts by the U.S. Federal Reserve this year.

FUNDAMENTALS

* Spot gold held its ground at $2,377.48 per ounce, as of 0113 GMT. Bullion hit a record high of 2,449.89 on Monday.

* U.S. gold futures were down 0.6% at $2,378.20.

* Federal Reserve officials indicated that it would take longer than previously anticipated to gain greater confidence in inflation moving to 2%, according to the minutes of the U.S. central bank's April 30-May 1 session.

* Recent data suggested that U.S. inflation resumed its downward trend, but several Fed policymakers remained cautious on cutting rates too soon but ruled out the need for a hike.

* Traders' bets signalled growing doubts that the Fed will cut rates more than once in 2024.

* Bullion is known as an inflation hedge, but higher rates increase the opportunity cost of holding non-yielding gold.

* Goldman Sachs CEO David Solomon said he does not expect the Federal Reserve to cut interest rates this year.

* Asian markets could be delicately poised at the open, with growing worries over how soon U.S. and global interest rates will come down offset by a potential boost from AI and chip-making giant Nvidia's earnings late on Wednesday.

* Shares of global miner BHP Group fell more than 3%, a day after smaller rival Anglo American rejected its third takeover proposal and agreed to a one-week extension for the deadline to make a binding offer.

* Spot silver fell 0.7% to $30.56 per ounce, platinum was down 0.4% at $1,031.04 and palladium lost 1.5% at $985.00.

DATA/EVENTS (GMT) 0500 Japan Chain Store Sales YY April 0715 France HCOB Mfg, Serv, Comp Flash PMIs May 0730 Germany HCOB Mfg, Serv, Comp Flash PMIs May 0800 EU HCOB Mfg, Serv, Comp Flash PMIs May 0830 UK Flash Comp, Mfg, Serv PMIs May 1230 US Initial Jobless Clm Weekly 1445 US S&P Global Mfg, Svcs, Comp Flash PMIs May 1400 EU Consumer Confid. Flash May 1400 US New Home Sales-Units April G7 Finance Ministers and Central Bank Governors meet in Stresa, Italy to debate global economic developments (Reporting by Sherin Elizabeth Varghese in Bengaluru; Editing by Sherry Jacob-Phillips)