BASICS
* Spot gold was steady at $2,515.83 an ounce by 0027 GMT. Bullion hit a record high record high of $2,531.60 on August 20.
* U.S. gold futures fell 0.2% to $2,551.20.
* Israel issued fresh evacuation orders for Deir Al-Balah in the central Gaza Strip late on Sunday, forcing more families to flee, saying forces intended to act against the Hamas militant group and others operating in the area.
* Gold has historically had a reputation for being a favored hedge against geopolitical risks and economic risks.
* Meanwhile, San Francisco Federal Reserve Bank Fed Chair Mary Daly said Monday that “the time has come” to cut interest rates, likely starting with a quarter-percentage point reduction in borrowing costs.
* Traders have fully priced in Fed easing next month, with a 70% chance of a 25-basis-point cut and about a 30% chance of a larger 50-basis-point reduction, according to the CME FedWatch tool.
* A low interest rate environment tends to increase the attractiveness of non-yielding bullion.
* Data from the Department of Commerce New orders for key U.S. capital goods fell unexpectedly in July on Monday, with June figures revised lower, indicating a slowdown in spending on business equipment in the third quarter.
* Gold demand in major consumers India and China is expected to improve in coming months, industry officials said.
* Spot silver fell 0.2% to $29.85 an ounce, platinum fell 0.3% to $959.24 and palladium was steady at $958.50.
DATA/EVENTS (GMT) 0600 Germany GDP detailed quarterly SA Q2 0600 Germany GDP detailed annually NSA Q2 1400 US Consumer Confidence August.
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