Gold prices steady as US rate-cut optimism supports
Gold prices remain stable as market watches for Federal Reserve interest rate decisions. U.S. economic data release expected to provide more insights. Traders predict rate cuts in the coming months. India's platinum imports increase due to loophole usage. Silver declines, platinum slightly drops, palladium remains constant.
were steady on Tuesday, buoyed by bets that the will cut this year, while focus shifted to due later in the day for further clues.FUNDAMENTALS
* Spot gold held its ground at $2,422.12 per ounce, as of 0021 GMT. Prices hit their highest level since May 20 on Monday, when they scaled a record high of $2,449.89 per ounce.
* U.S. gold futures dipped 0.1% to $2,425.60.
* said on Monday the three U.S. inflation readings over the second quarter of this year "add somewhat to confidence" that the pace of price increases is returning to the Fed's target in a sustainable fashion, remarks that suggest a turn to interest rate cuts may not be far off.
* Investors will keep a tab on U.S. due at 1230 GMT. Fed governors Christopher Waller and Adriana Kugler as well as other Fed officials will also speak this week.
* Traders continue to bet on a September rate cut, and two more before the end of the year. Lower rates reduce the opportunity cost of holding non-yielding bullion.
* , the world's largest gold-backed exchange-traded fund, said its holdings rose 0.17% to 836.53 tons on Monday from 835.09 tons on Friday.
* India's four-week platinum imports from mid-June eclipsed 2023's total as bullion dealers exploited a loophole by registering alloys containing around 90% gold as platinum to avoid higher duties, government and industry officials told .
* Spot silver fell 1.4% to $30.59 per ounce, platinum slipped 0.2% at $993.28 and palladium steadied at $950.31.
DATA/EVENTS (GMT)
0900 EU Total Trade Balance SA May
0900 Germany ZEW Economic Sentiment July
0900 Germany ZEW Current Conditions July
1230 US Import Prices YY June
1230 US Retail Sales MM June
