Gold prices slipped on Thursday, weighed down by ​a stronger dollar as investors remained cautious ahead of U.S. inflation data that could shape ⁠the Federal Reserve's policy path, while silver hovered near record highs.

Spot gold fell 0.4% to $4,323.57 an ⁠ounce as ‌of 1210 GMT. U.S. gold futures also eased 0.4% to $4,356.10.

The dollar index edged up after touching a nearly one-week high on Wednesday, making greenback-priced bullion ⁠more expensive for overseas buyers.

Spot silver fell 0.1% to $66.19 an ounce, after hitting a record high of $66.88 in the previous session.

"The slightly stronger dollar is a headwind for both (gold and silver)... some cautious investors are preferring to be on the safe ⁠side and not running into ​the (inflation) report with an open position," said UBS analyst Giovanni Staunovo.

The white metal, however, is up 129% so ‍far this year on stronger industrial demand and an ongoing supply deficit. U.S. President Donald Trump said on Wednesday ​the next Fed chairman will be someone who believes in lower interest rates "by a lot." Trump will announce the successor to current Fed Chair Jerome Powell early next year.

Fed Governor Christopher Waller, a candidate for the Fed chair, said on Wednesday the central bank still has room to cut interest rates amid rising job market weakness. Earlier this week, data showed the U.S. unemployment rate rose to 4.6% in November, above a Reuters poll forecast of 4.4% and the highest since September 2021. Investors are now awaiting the release of ⁠November U.S. Consumer Price Index later in the day, ‌with a Reuters survey projecting a 3.1% year-on-year rise.

Markets are currently pricing in two additional 25-basis-point rate cuts next year.

Non-yielding assets such as gold typically benefit in a lower-interest-rate environment.

Platinum ‌rose 1.3% ⁠to $1,924.05, a more than 17-year high, while palladium gained 2.8% to a nearly three-year high of $1,693.55.

(Reporting by ⁠Pablo Sinha in Bengaluru; Editing by Shilpi Majumdar and Louise Heavens)