U.S. CPI cools in August * Palladium slides to over one-year low * Federal Reserve’s Open Market Committee meets Sept. 21-22 (Updates prices) Sept 14 (Reuters) - Gold hit a one-week high on Tuesday, as the dollar retreated after a slower-than-expected rise in U.S. inflation led to uncertainty over the U.S. Federal Reserve’s timeline to taper monetary stimulus. Spot gold rose 0.6% to $1,803.69 per ounce by 1835 GMT, and U.S. gold futures settled up 0.7% at $1,807.10 per ounce.“Gold is toying with $1,800/oz following the marginally weaker-than-expected U.S. inflation data,” said Suki Cooper, precious metals analyst at Standard Chartered Bank, adding “the macro backdrop remains conducive for further price gains.” The U.S. core Consumer Price Index edged up 0.1% in August, missing expectations of 0.3%, and weighing on the U.S. dollar. That was the smallest gain since February and followed a 0.3% rise in July. “While a tapering announcement is unlikely until the November FOMC meeting, the September meeting will introduce the staff forecasts, or ‘dots’ for 2024. The 2024 dots could mirror 2023’s two rate hikes,” Cooper added. The inflation data could reinforce the view that the Fed may go slow on unwinding economic support measures and keep interest rates low. Lower interest rates decrease the opportunity cost of holding non-yielding bullion. This (U.S. data) miss is “good news for bullion”, as it makes a September taper announcement from the Fed less likely, said Ed Moya, senior market analyst at brokerage OANDA. Among other metals, palladium dipped 5.4% to $1,973.47 per ounce, its lowest since July 2020, and platinum fell 2.1%, to $941.06 per ounce. Palladium has dropped nearly 20% so far in September. “Supply chain weakness effecting particularly chips and car manufacturing is having a depressing effect on the platinum group metals,” independent analyst Ross Norman said, adding that while the supply disruptions persist, prices were likely to be pressured. Silver rose 0.5% to $23.84 per ounce. (Reporting by Bharat Govind Gautam and Nakul Iyer in Bengaluru; Editing by Vinay Dwivedi, Shinjini Ganguli and Shailesh Kuber)