BASICS
* Spot gold fell 0.2% to $2,466.69 an ounce by 0155 GMT, after hitting its highest level since Aug. 2 earlier in the session.
* U.S. gold futures rose 0.1% to $2,506.90.
* Traders are awaiting US data for July. producer price index (PPI) to be released later in the day, followed by consumer price index (CPI) on Wednesday. The CPI data is expected to show that headline and core prices rose 0.2% month-on-month. * Traders expect a roughly 50% chance of a 50 basis point increase. interest rate According to the CME FedWatch tool, the Fed cut interest rates in September. A low interest rate environment tends to increase the attractiveness of non-interest bearing bullion. * SPDR Gold TrustThe world’s largest gold-backed exchange-traded fund, said its holdings rose 0.34% to 849.79 metric tons on Monday from 846.91 tons on Friday. * The U.S. government posted a budget deficit of $244 billion for July, up 10% from a year earlier, but accounting for timing differences the gap would have been $45 billion narrower, the Treasury Department said.
* On the geopolitical front, Israeli Prime Minister Benjamin Netanyahu traded barbs with his defense minister, underscoring the deep internal divisions that continue to plague the government as War in Gaza risks spilling over into a broader regional conflict.
* Spot silver rose 0.5% to $27.8607 an ounce, platinum rose 0.2% to $938.55 and palladium fell 0.4% to $917.10.
DATA/EVENTS (GMT)
0600 UK Claimant Count Unemployment Change July
0600 UK ILO unemployment rate, June
0600 UK HMRC payroll changes in July
0900 Germany ZEW Economic Sentiment August
0900 Germany ZEW Current conditions August
1230 US PPI Machine Manufacturing July
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