Gold prices eye second weekly gain on boosted rate cut bets
Gold prices steadied as investors awaited retail sales data and interest rate changes amid economic uncertainties.
were flat on Friday but were on track for their second straight weekly gain as weak from the U.S. boosted expectations that the Federal Reserve would cut this year.FUNDAMENTALS
* Spot gold was little changed at $2,358.31 per ounce, as of 0139 GMT. U.S. gold futures edged 0.2% higher to $2,372.90. Prices hit a two-week high on Thursday, its highest level since June 7.
* Bullion gained 1.2% so far for the week.
* Last week's data showed a moderation in the labour market and price pressures, which was followed by soft on Tuesday, suggesting that economic activity remained lacklustre in the second quarter.
* First-time applications for U.S. unemployment benefits fell moderately last week, while new housing construction dropped to the lowest level in nearly four years in May, suggesting that economic activity remained moderate in the second quarter.
* are now focussed on flash purchasing managers' indexes due at 0145 GMT, which could offer more clarity on the strength of the economy.
* Traders are currently pricing in about a 64% chance of a in September, according to CME FedWatch Tool.
* Lower interest rates reduce the opportunity cost of holding non-yielding bullion.
* Uzhuralzoloto, Russia's fourth-largest gold producer, will hold a secondary public offering on the Moscow Exchange in June, the company said.
* Spot silver fell 0.5% to $30.56 per ounce, platinum was up 0.3% at $981.00 and palladium gained 0.3% to $926.00.
DATA/EVENTS (GMT) 0145 US S&P flash U.S. services PMI June 0145 US S&P Global MFG PMI Flash June 0200 US Existing Home Sales May.
