By Asha Sistla

(Reuters) – Gold prices traded in a rangebound trading pattern on Thursday as investors remained cautious about Russia-Ukraine conflicts and ahead of U.S. Inflation data, which could provide new clues regarding the U.S. Federal Reserve’s policy stance.

By 0740 GMT, the price per ounce was unchanged at $1943.33 The U.S. was up 0.3% to $1,942.40

The war is still going on and there seems to be a resolution. People are now looking at the Fed’s statement – that they have come up with – to address high inflation. This means the interest rates will go up very quickly in this year. “The market is trying digest the most pressing issues moving forward,” Brian Lan (managing director, dealer GoldSilver Central) said.

The support level at $1.917 has been supported and the resistance at $1.950 have held steady for some time.

The outlook for U.S. rates was still being assessed by investors. Investors waited on key U.S. Weekly Jobless Claims data which will provide an indicator of the country’s economic health at 1230 GMT.

On Thursday, Ukraine’s leader appealed for solidarity one month after Russia invaded.

The gold prices rose to record levels earlier in the month but continued to decline as the U.S. central banks policy meeting approached last week. Since then, they have moved to a steadier range. [FEDWATCH]

On Wednesday, yields on the U.S. benchmark 10-year Treasury reached their highest point in three years. This increased the chance cost to hold zero-yielding bullion. [US/]

SPDR Gold Trust (P) held 0.4% more gold-backed funds than the rest, rising to 1,087.66 t on Wednesday. Its highest point since Feb. 26, 20,21. [GOL/ETF]

Spot silver rose 0.1% to $25.08 an ounce while platinum dropped 0.5% to $1.015.24. Palladium rose 0.6% at $2.526.52.