Jan 10 (Reuters) - Gold prices on Tuesday steadied near an eight-month high scaled in the last session, with cautious traders largely focusing on Federal Reserve Chair Jerome Powell's upcoming speech for more insight into the U.S. central bank's rate-hike trajectory.

Spot gold held ground at $1,872.60 per ounce, as of 0651 GMT. U.S. gold futures fell 0.1% to $1,876.50.

Gold was buoyed to some extent with the U.S. dollar languishing near a seven-month low against other major currencies.

Powell is scheduled to speak at a central bank conference at 1400 GMT later in the day.

Traders will also scan the U.S. consumer price index (CPI) data due on Thursday for further clues on the Fed's policy stance.

"Gold prices are hitting a key resistance at the $1,875 level ... A hawkish tone in Fed Chair Powell's speech later today could prompt some near-term profit-taking in gold," said IG Market strategist Yeap Jun Rong.

"However, market is on the watch for a downside surprise in the U.S. CPI to support the less-hawkish rate-hike expectations, which could translate to upside for gold prices."

Elevated interest rates dull gold's appeal as an inflation hedge and raise the opportunity cost of holding the non-yielding asset.

San Francisco Fed President Mary Daly on Monday said either a 50 basis point or a 25 bps rate hike was a possibility in the upcoming Fed meeting.

Meanwhile, Atlanta Fed President Raphael Bostic commented that it was appropriate to be "more cautious" in calibrating rates, with the possibly of it staying higher into 2024. FEDWATCH/

The market consensus of a mild recession appears to be playing out, but a slip to a severe downturn could continue to be positive for gold, the World Gold Council said.

Spot silver lost 0.2% to $23.57, while platinum was flat at $1,079.00 and palladium gained 0.7% at $1,786.88.

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