Gold holds steady as investors await US data for more Fed clues
Gold prices steadied as investors awaited U.S. economic data for clues on Federal Reserve's monetary policy easing. Spot gold stood at $2,326.86 per ounce and U.S. gold futures at $2,347.40.
steadied on Monday as looked forward to more U.S. for clues on when the might start its easing this year.FUNDAMENTALS
* Spot gold was unchanged at $2,326.86 per ounce as of 0109 GMT. U.S. gold futures edged up 0.1% at $2,347.40.
* The personal consumption expenditures (PCE) price index increased 0.3% last month, the said on Friday, matching the unrevised gain in March.
* Traders added to bets the Federal Reserve will deliver a first in September after the data showed may have made a little progress toward the 's 2% goal last month.
* Price cuts by major U.S. retailers and new data showing a slowdown in consumer spending may boost the Fed's confidence in falling inflation.
* Traders are currently pricing in about a 54% chance of a rate cut by September, according to the .
* is known as an inflation hedge, but higher rates increase the opportunity cost of holding non-yielding gold.
* Over in the U.S., the 's (ISM) nationwide PMI reading is expected at 1400 GMT.
* Asia kicks off the new trading month for global markets, with manufacturing PMI data from the continent's biggest economies setting the local tone and investors still banking on U.S. and other coming down soon.
* Spot silver fell 0.1% to $30.36 per ounce, platinum was up 0.3% at $1,041.20 and palladium was unchanged to $912.73.
DATA/EVENTS (GMT, May) 0145 China Caixin Mfg PMI Final 0750 France HCOB Manufacturing PMI 0755 Germany HCOB Manufacturing PMI 0800 EU HCOB Mfg Final PMI 0830 UK S&P Global Manufacturing PMI 1345 US S&P Global Mfg PMI Final 1400 US ISM Manufacturing PMI.
