Gold prices inched higher on Tuesday as investors" attention turned to U.S. inflation data due this week, which could influence the pace at which the Federal Reserve hikes interest rates. Spot gold was up 0.2% to $1,782.39 per ounce by 01:40 p.m. ET (1840 GMT). U.S. gold futures settled up 0.3% at 1,784.70. "It seems to be more of a consolidation move right now," said Craig Erlam, senior market analyst at OANDA. He said the market is keeping an eye on the Fed meeting this next week and investors are seeking more clarity on interest rates at a time of uncertainty around the Omicron coronavirus variant. Friday"s U.S. Consumer Price Index report could influence the Fed"s monetary policy in the run up to the Federal Open Market Committee meeting on Dec. 14-15. The Biden-Russia phone call is being watched closely as any major geopolitical uncertainty would support gold, but bullion prices could drop if the Omicron situation does not worsen, said Jim Wyckoff, a senior analyst at Kitco Metals. U.S. President Joe Biden told Russian President Vladimir Putin on Tuesday the West is concerned Russia will invade Ukraine and warned of "strong economic and other measures" as punishment should Moscow start a military conflict. read more Global stocks rose on the day as concerns around the Omicron variant eased after top U.S. infectious disease official, Anthony Fauci, told CNN "it does not look like there"s a great degree of severity" so far. Capping gold"s gains, the dollar (.DXY) rose, raising bullion"s cost for overseas buyers. Platinum gained 1.7% to $953.06 an ounce, palladium added 0.5% to $1,845.45 and silver rose 0.6% to $22.49. Average prices of gold, silver and platinum next year will be almost the same as in 2021, while palladium will fall, consultants Metals Focus said, predicting the oversupply of all the metals except silver. Reporting by Bharat Govind Gautam and Asha Sistla in Bengaluru; Additional reporting by Ashitha Shivaprasad; Editing by Amy Caren Daniel and Ramakrishnan M. Our Standards: The Thomson Reuters Trust Principles.