Gold on track for first weekly dip in three as rate-cut bets dwindle
Gold rose on Friday but was set for its first weekly drop in three weeks, as investors lowered expectations of a U.S. interest rate cut after the Federal Reserve's latest meeting indicated a delay in monetary policy easing.
on Friday but was set for its first weekly drop in three weeks, as lowered expectations of a after the 's latest meeting indicated that there would be a delay in .FUNDAMENTALS
* Spot gold rose 0.2% at $2,332.14 per ounce, as of 0119 GMT. are down 3.4% so far this week, after hitting a of 2,449.89 on Monday.
* U.S. gold futures were down 0.2% at $2,333.70.
* Fed officials indicated that it would take longer than previously anticipated to gain greater confidence in moving to 2%, according to the minutes of the U.S. central bank's April 30-May 1 session.
* Businesses across the globe broadly enjoyed an improved performance this month with activity picking up in the United States and across parts of Asia and Europe, giving central banks room to potentially defer cutting interest rates.
* Bullion is known as an , but higher rates increase the opportunity cost of holding non-yielding gold.
* The value of Peru's illegal gold exports is higher than the total legal gold sold by several other South American countries combined, an independent study showed.
* A classic economic data case of 'good news is bad news' from the U.S. on Thursday looks set to weigh on Asian markets, as the eagerly awaited first rate cut gets pushed back further.
* Johnson Matthey missed market expectations for full-year revenue and pretax profit, hurt by lower prices for platinum group metals.
* Russian metals giant Nornickel plans a joint project for construction of a platinum group metals (PGMs) refinery in Bahrain, a source familiar with the matter told Reuters.
* Spot silver rose 0.5% to $30.25 per ounce, platinum was up 0.3% at $1,021.75 and palladium gained 0.1% at $970.75.
DATA/EVENTS (GMT) 0600 Germany GDP Detailed QQ SA, YY NSA Q1 0600 UK Retail Sales MM, YY April 0600 UK Retail Sales Ex-Fuel MM April 0645 France Business Climate Mfg, Overall May 1230 US Durable Goods April 1400 US U Mich Sentiment Final May G7 Finance Ministers and Central Bank Governors meet in Stresa, Italy, to debate global economic development.
