BASICS
* Spot gold was trading flat at $2,582.84 an ounce at 0020 GMT. Bullion hit a record high of $2,589.59 on Monday.
* U.S. gold futures also held steady at $2,609.90.
*All attention will be focused on the United States Federal Reserve This week they are expected to announce a cut of at least 25 basis points. interest rates at the conclusion of its September monetary policy meeting on Wednesday. * Markets now price in a 62% chance of a 50-basis-point easing by the end of the two-day meeting, down from 43% on Friday. The odds have been cut sharply after media reports revived the prospect of more aggressive easing.
* Zero yield bullion tends to be a preferred investment amid lower interest rates and geopolitical turmoil.
* Markets will also focus on the US. retail sales data Scheduled for 1230 GMT.
* Meanwhile, the dollar weakened to a near two-week low in the previous session, making dollar-denominated gold less expensive for holders of other currencies.
* The Bank of Japan is also expected to hold policy steady next week but will signal further interest rate hikes and highlight the progress the economy is making in keeping inflation around its 2% target.
* Investors also digested Sunday’s news that Republican presidential candidate Donald Trump was the target of a second assassination attempt.
* Political instability It often supports gold prices as investors seek the safety of the precious metal amid unstable or unpredictable conditions.
* SPDR Gold TrustThe world’s largest gold-backed exchange-traded fund said its holdings rose 0.20% to 872.23 tonnes on Monday.
* Spot silver fell 0.2% to $30.70 an ounce, platinum rose 0.4% to $984.81 and palladium gained 0.4% to $1,080.78.
DATA/EVENTS (GMT) 0430 Japan Tertiary Industry Act NSA Jul 0900 Germany ZEW Economic Sentiment Sep 0900 Germany ZEW Current Conditions Sep 1230 US Retail Sales MM Aug 1315 US Industrial Production MM Aug
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