Gold eases as dollar firms, investors seek more cues on Fed's rate path
Gold prices dropped amid firm dollar; investors focus on Fed comments, economic data. Spot gold at $2,407.29, futures at $2,411.20. Bond futures down on Trump-related uncertainty. Powell to speak; June consumer price drop suggests September rate cut. Key data: retail sales, industrial output, jobless claims. Physical gold demand in Asia weak due to high prices.
inched down on Monday as the held firm, while looked towards comments from officials and for further cues on U.S. path.FUNDAMENTALS
* Spot gold was down 0.2% at $2,407.29 per ounce, as of 0049 GMT. U.S. gold futures fell 0.4% at $2,411.20.
* U.S. bond futures slipped and the dollar firmed as investors wagered the attack on U.S. presidential candidate Donald Trump made his victory more likely, while injecting a whole new level of political uncertainty into markets.
* A stronger dollar makes greenback-priced gold more expensive for buyers holding other currencies.
* Fed Chair is due to speak later in the day and a few other officials later in the week. Data sets due this week include U.S. retail sales, industrial output for June and weekly jobless claims.
* U.S. consumer prices fell for the first time in four years in June, making it more likely the will cut interest rates in September.
* Non-yielding bullion's appeal tends to shine in a low interest rate environment.
* in slouched last week as elevated prices made buyers hold off on purchases, with dealers in India offering the biggest discounts in nearly 3-1/2 months to entice consumers.
* Spot silver fell 0.5% to $30.62 per ounce, platinum slipped 0.3% at $995.35 and palladium dropped 1.3% to $956.81.
DATA/EVENTS (GMT)
0200 China Urban Investment (YTD) YY June
0200 China Retail Sales YY June
0200 China GDP YY Q2
0200 China Unemp Rate Urban Area June
0900 EU Industrial Production MM, YY May
1000 EU Reserve Assets Total June
n/a UK Housing Price Rightmove MM, YY July
* U.S. bond futures slipped and the dollar firmed as investors wagered the attack on U.S. presidential candidate Donald Trump made his victory more likely, while injecting a whole new level of political uncertainty into markets.
* A stronger dollar makes greenback-priced gold more expensive for buyers holding other currencies.
* Fed Chair is due to speak later in the day and a few other officials later in the week. Data sets due this week include U.S. retail sales, industrial output for June and weekly jobless claims.
* U.S. consumer prices fell for the first time in four years in June, making it more likely the will cut interest rates in September.
* Non-yielding bullion's appeal tends to shine in a low interest rate environment.
* in slouched last week as elevated prices made buyers hold off on purchases, with dealers in India offering the biggest discounts in nearly 3-1/2 months to entice consumers.
* Spot silver fell 0.5% to $30.62 per ounce, platinum slipped 0.3% at $995.35 and palladium dropped 1.3% to $956.81.
DATA/EVENTS (GMT)
0200 China Urban Investment (YTD) YY June
0200 China Retail Sales YY June
0200 China GDP YY Q2
0200 China Unemp Rate Urban Area June
0900 EU Industrial Production MM, YY May
1000 EU Reserve Assets Total June
n/a UK Housing Price Rightmove MM, YY July
