Gold inches lower in thin holiday trade as investors seek more Fed cues
The dollar index was up 0.1% and yields on benchmark 10-year Treasury notes were up near 4% levels, making greenback-priced bullion less affordable to overseas buyers.
edged down in early Asian hours on Tuesday, pressured by a slightly stronger and elevated treasury yields, while traders also awaited for further cues from the minutes of the U.S. Federal Reserve's last meeting.FUNDAMENTALS
* Spot gold was down 0.1% at $2,015.59 per ounce, as of 0057 GMT, with trading volumes likely thinned by a U.S. holiday.* U.S. gold futures edged 0.2% higher to $2,026.90 per ounce.
* The dollar index was up 0.1% and yields on benchmark 10-year Treasury notes were up near 4% levels, making greenback-priced bullion less affordable to overseas buyers.
* All eyes will be on the minutes from the Fed's January policy meeting, due on Wednesday, for more clues on its interest rate cut timing.
* Despite "remarkable" progress on U.S. inflation, Federal Reserve Bank of San Francisco President Mary Daly said "there is more work to do" to ensure stable prices.
* Meanwhile, another Fed official cautioned against delaying rate cuts for too long.
* Federal Reserve Bank of Atlanta President Raphael Bostic said that while he needs more data to convince him inflation pressures are truly falling, he's open to a summer time rate cut.
* Traders have pushed back their expectations of a U.S. interest rate cut from March to June. Markets are currently pricing in a 74% chance of a cut in June, according to the CME Fed Watch Tool.
* Anglo American Platinum (Amplats) plans to cut 17% of the Anglo American unit's workforce, as it battles to keep a lid on costs after a slump in the price of platinum group metals (PGMs).
* Spot platinum fell 0.4% at $894.96 per ounce, palladium was down 0.7% at $946.90, while silver also was down 0.3% at $22.94 per ounce. DATA/EVENTS (GMT) 0115 China Loan Prime Rate 1Y, 5Y Feb
