FUNDAMENTALS
* Spot gold rose 0.3% to $2,333.29 an ounce by 0116 GMT. U.S. gold futures were unchanged at $2,346.70 an ounce.
* Tehran has downplayed the impact of Israeli retaliatory drone strikes against Iran, in what appears to be a move aimed at avoiding regional escalation.
* Policymakers including U.S. Federal Reserve Chairman Jerome Powell last week backed away from providing guidance on when interest rates might be cut, saying instead that monetary policy should be restrictive for longer.
* Higher interest rates reduce the attractiveness of holding gold without yield.
* Markets are also awaiting the release later this week of March personal consumption expenditures (PCE) data – the Fed’s preferred inflation gauge – to better determine the path of monetary policy. * European Central Bank officials are sticking to plans to cut interest rates several times this year, even as rising U.S. inflation delays the Bank’s adoption of looser policy. of the Fed. * Russian metals giant Nornickel, the world’s largest palladium producer and a leading producer of high-grade nickel, said palladium production rose 3% in the first quarter to 745 koz and it should be between 2,296 and 2,451 koz in 2024.
* Asian stocks are expected to see renewed activity on Tuesday, supported by a recovery in technology stocks, calm in bond markets and an easing of geopolitical tensions.
* Spot silver rose 0.4% to $27.31 an ounce, platinum rose 0.2% to $919.05, while palladium fell 0.1% to 1 $007.58.
DATA/EVENTS (GMT) 0715 France HCOB Mfg, Serv, Comp Flash PMI April 0730 Germany HCOB Mfg, Serv, Comp Flash PMI April 0800 EU HCOB Mfg, Serv, Comp Flash PMI April 0830 UK Flash Comp, Mfg, Serv PMI April 1345 United States S&P Global Mfg, Svcs, Comp Flash PMI April 1400 US New Home Sales – March
FUNDAMENTALS
* Spot gold rose 0.3% to $2,333.29 an ounce by 0116 GMT. U.S. gold futures were unchanged at $2,346.70 an ounce.
* Tehran has downplayed the impact of Israeli retaliatory drone strikes against Iran, in what appears to be a move aimed at avoiding regional escalation.
* Policymakers including U.S. Federal Reserve Chairman Jerome Powell last week backed away from providing guidance on when interest rates might be cut, saying instead that monetary policy should be restrictive for longer.
* Higher interest rates reduce the attractiveness of holding gold without yield.
* Markets are also awaiting the release later this week of March personal consumption expenditures (PCE) data – the Fed’s preferred inflation gauge – to better determine the path of monetary policy. * European Central Bank officials are sticking to plans to cut interest rates several times this year, even as rising U.S. inflation delays the Bank’s adoption of looser policy. of the Fed. * Russian metals giant Nornickel, the world’s largest palladium producer and a leading producer of high-grade nickel, said palladium production rose 3% in the first quarter to 745 koz and it should be between 2,296 and 2,451 koz in 2024.
* Asian stocks are expected to see renewed activity on Tuesday, supported by a recovery in technology stocks, calm in bond markets and an easing of geopolitical tensions.
* Spot silver rose 0.4% to $27.31 an ounce, platinum rose 0.2% to $919.05, while palladium fell 0.1% to 1 $007.58.
DATA/EVENTS (GMT) 0715 France HCOB Mfg, Serv, Comp Flash PMI April 0730 Germany HCOB Mfg, Serv, Comp Flash PMI April 0800 EU HCOB Mfg, Serv, Comp Flash PMI April 0830 UK Flash Comp, Mfg, Serv PMI April 1345 United States S&P Global Mfg, Svcs, Comp Flash PMI April 1400 US New Home Sales – March