FUNDAMENTALS
* Spot gold was down 0.3% at $1,638.59 an ounce, as of 0053 GMT, after hitting its lowest level since April 2020 earlier in the session.
* US gold futures fell 0.6% to $1,645.8.
* The dollar index hit a new high since 2002, backed by a hawkish Fed, making greenback-priced bullion more expensive for buyers holding other currencies. [USD/]
* Higher interest rates dampen the appeal of bullion since the metal earns no interest. Gold prices have fallen more than 20% since breaking through $2,000 an ounce in March.
* Atlanta Fed President Raphael Bostic said on Sunday he still believes the US central bank can bring inflation under control without substantial job losses given the economy’s continued momentum.
* The slowdown in business activity in the eurozone deepened in September, according to a survey that showed the economy was likely entering recession as consumers rein in spending amid a cost-of-living crisis.
* Gold premiums in top consumer China climbed last week, helped by strong demand for bullion, while prices in India traded at a discount for the first time in four weeks due to a rise in domestic rates.
* Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.31% to 947.23 tonnes on Friday.
* Spot silver fell 0.8% to $18.68 an ounce, platinum rose 0.7% to $860.13 and palladium gained 0.4% to 2,076.10 $.
DATA/EVENTS (GMT)
0800 Germany Ifo Business Climate New September
0800 Germany Ifo Curr Conditions New Sep
0800 Germany Ifo Expectations New Sep
0535 Bank of Japan Governor Haruhiko Kuroda will deliver
speech, meet business leaders in Osaka
13.00 Opening statement by Christine, President of the ECB
Lagarde during the hearing before the Committee on Economic Affairs and
Monetary Affairs of the European Parliament in Brussels
FUNDAMENTALS
* Spot gold was down 0.3% at $1,638.59 an ounce, as of 0053 GMT, after hitting its lowest level since April 2020 earlier in the session.
* US gold futures fell 0.6% to $1,645.8.
* The dollar index hit a new high since 2002, backed by a hawkish Fed, making greenback-priced bullion more expensive for buyers holding other currencies. [USD/]
* Higher interest rates dampen the appeal of bullion since the metal earns no interest. Gold prices have fallen more than 20% since breaking through $2,000 an ounce in March.
* Atlanta Fed President Raphael Bostic said on Sunday he still believes the US central bank can bring inflation under control without substantial job losses given the economy’s continued momentum.
* The slowdown in business activity in the eurozone deepened in September, according to a survey that showed the economy was likely entering recession as consumers rein in spending amid a cost-of-living crisis.
* Gold premiums in top consumer China climbed last week, helped by strong demand for bullion, while prices in India traded at a discount for the first time in four weeks due to a rise in domestic rates.
* Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.31% to 947.23 tonnes on Friday.
* Spot silver fell 0.8% to $18.68 an ounce, platinum rose 0.7% to $860.13 and palladium gained 0.4% to 2,076.10 $.
DATA/EVENTS (GMT)
0800 Germany Ifo Business Climate New September
0800 Germany Ifo Curr Conditions New Sep
0800 Germany Ifo Expectations New Sep
0535 Bank of Japan Governor Haruhiko Kuroda will deliver
speech, meet business leaders in Osaka
13.00 Opening statement by Christine, President of the ECB
Lagarde during the hearing before the Committee on Economic Affairs and
Monetary Affairs of the European Parliament in Brussels
