BASICS
* Spot gold rose 0.1% to $2,517.80 an ounce by 0021 GMT. U.S. gold futures rose 0.1% to $2,546.50.
* Traders are closely watching the U.S. Consumer Price Index (CPI) data, due later in the day, along with the Producer Price Index reading and initial jobless claims on Thursday.
* The headline CPI is expected to have risen 0.2% month-on-month in August, according to a Reuters poll, unchanged from July. However, on a year-on-year basis, it is estimated to have risen only 2.6%, down from 2.9% in July.
* The Fed will cut interest rates by 25 basis points at each of the U.S. central bank’s three remaining policy meetings in 2024, according to a majority of economists in a Reuters poll. * Lower rates reduce the opportunity cost of holding a zero-yielding bullion. * After August’s mixed jobs report, the probability of a half-point rate cut next week briefly topped 50% but has since fallen to around 35%.
* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.20% to 864.46 tonnes on Tuesday.
* Republican Donald Trump and Democratic Vice President Kamala Harris will meet shortly for the first time in their only scheduled debate of the US presidential campaign.
* Spot silver was steady at $28.38 an ounce, platinum gained 0.3% to $940.35 and palladium rose 0.83% to $973.16.
* The global platinum deficit in 2024 will be twice as large as previously expected due to inflows into exchange-traded funds and large bullion purchases in China, Global Platinum Investment Council he said on Tuesday.
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