BASICS
* Spot gold was up 0.2% at $2,516.09 an ounce at 0027 GMT. U.S. gold futures were up 0.2% at $2,551.30.
* The dollar held near its lowest level in about eight months, making gold cheaper for holders of other currencies, while benchmark 10-year yields also fell.
* On Friday, Powell signaled his support for easing monetary policy, saying “the time has come” for the Fed to cut rates amid rising risks to the labor market, even as inflation was close to the U.S. central bank’s 2% target.
* The merchants have included in the price a Federal Reserve easing for next month, with a 64% chance of a 25 basis point cut and about a 36% 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.
* Meanwhile, in the geopolitical frontHezbollah launched rockets and drones at Israel early Sunday, prompting the Israeli military to attack Lebanon with around 100 aircraft, marking one of the biggest clashes in a 10-month border war.
* SPDR Gold TrustThe world’s largest gold-backed exchange-traded fund said its holdings fell 0.20% to 856.12 tonnes on Friday.
* In it physical demand side, a Gold price rally Gold’s appeal has been stifled in major markets Asian centers Last week, dealers offered deeper discounts to attract buyers.
* Spot silver rose 0.3% to $29.90 an ounce, platinum was flat at $962.65 and palladium fell 0.3% to $959.43.
DATA/EVENTS (GMT) 0500 Japan Leading Indicator revised June 0800 Germany Ifo Business Climate new Aug 0800 Germany Ifo Currency Conditions new Aug 0800 Germany Ifo Expectations new Aug 1230 US Durable Goods Jul.
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