BASICS
* Gold spot At 0020 GMT, gold was up 0.2% at $2,580.81 an ounce. Bullion hit an all-time high of $2,585.99 on Friday.
* US gold futures fell 0.1% to $2,608.60.
* He The dollar weakened 0.1%, making gold less expensive for holders of other currencies. * All eyes will be on the Federal Reserve This week, as speculation mounts over the scope of interest rate cuts and the pace of future reductions at its policy meeting.
* Markets are currently pricing in a 52% chance of a 50-basis-point easing at the conclusion of a two-day meeting on Wednesday, up from 43% on Friday, while there is a 48% chance of a 25-basis-point cut, the CME FedWatch tool showed.
* Lower rates reduce the opportunity cost of holding a zero-yield bullion.
* Data on Friday showed the U.S. consumer sentiment rose to 69.0 in September from 67.9 in August, reflecting improved sentiment amid slowing inflation, though caution remains ahead of the November election.
* Gold market bulls Gold prices are hitting record highs, with a milestone of $3,000 per ounce approaching, boosted by monetary easing by major central banks and a tight US presidential election race.
* SPDR Gold TrustThe world’s largest gold-backed exchange-traded fund said its holdings fell 0.03% to 870.51 tonnes on Friday.
* Spot silver gained 0.8% to $30.89 an ounce, platinum fell 0.2% to $993.40 and palladium lost 0.3% to $1,065.78.
DATA/EVENTS (GMT) 0200 China Urban Investment (YTD) YY Aug 0200 China Retail Sales YY Aug 0200 China Unemployment Rate Urban Area Aug 0900 EU Total Trade Balance HS Jul 1000 EU Total Reserve Assets Aug
UK House Prices Rightmove MM Sept
UK House Prices According to Rightmove YY Sept
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.