FUNDAMENTALS
* Spot gold gained 0.6% to $1,631.89 an ounce, at 0103 GMT. Prices hit their lowest level since April 2020 at $1,620.20 on Monday.
* US gold futures rose 0.3% to $1,638.1.
* The dollar index plunged 0.2% after hitting a two-decade high in the previous session.
* Fed officials on Monday brushed off growing volatility in global markets, from falling US stocks to currency turmoil overseas, and said their top priority remained controlling domestic inflation.
* Rate hikes increase the opportunity cost of holding bullion, which pays no interest, while boosting the greenback.
* Global economic growth is slowing more than expected months ago following Russia’s invasion of Ukraine, as energy and inflation crises risk turning into recession in major economies, it said on Monday the OECD.
* China’s net gold imports via Hong Kong jumped nearly 40% to a more than four-year high in August, data showed on Monday, as demand continued to rebound in the biggest consumer metal world.
* Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.40% to 943.47 tonnes on Monday from 947.23 tonnes on Friday.
* Spot silver rose 1% to $18.52 an ounce, platinum
rose 0.5% to $855.91 and palladium was flat at $2,046.84.
DATA/EVENTS (GMT)
1000 France Unemp Class-A SA August
1230 United States Durable Goods August
1400 US Consumer Confidence Sept.
1400 units of new homes sold in the United States August
