FUNDAMENTALS
* Spot gold was up 0.1% at $2,061.49 an ounce by 01:32 GMT. U.S. gold futures fell 0.2% to $2,069.90 an ounce.
* The dollar index hovered near a more than one-week high hit in the previous session, helped by a rise in Treasury yields. A stronger dollar makes gold more expensive for other currency holders. [USD/]
* The minutes of the December policy meeting of the US central bank will be published at 19:00 GMT.
* Traders doubled down on their bets on an interest rate cut in 2024, encouraged by slowing inflation and the Fed’s dovish stance at its December policy meeting.
* Futures markets see a 70% chance of seeing a 25 basis point rate cut at the March 20 Fed meeting, according to CME’s FedWatch tool. * Lower interest rates decrease the opportunity cost of holding non-yielding bullion.
* Investors are eagerly awaiting plenty of U.S. economic data this week, including Friday’s nonfarm payrolls report that could influence the Fed’s decision to begin cutting rates in March, as markets expect.
* Investors are also closely watching tensions in the Middle East after Israel killed Hamas deputy leader Saleh al-Arouri in a drone strike in the Lebanese capital Beirut on Tuesday.
* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.06% to 878.54 tonnes on Tuesday from 879.11 tonnes on Friday. [GOL/ETF]
* Spot silver gained 0.1% to $23.66 an ounce, while platinum was little changed at $981.27. Palladium rose 0.3% to $1,084.40.
FUNDAMENTALS
* Spot gold was up 0.1% at $2,061.49 an ounce by 01:32 GMT. U.S. gold futures fell 0.2% to $2,069.90 an ounce.
* The dollar index hovered near a more than one-week high hit in the previous session, helped by a rise in Treasury yields. A stronger dollar makes gold more expensive for other currency holders. [USD/]
* The minutes of the December policy meeting of the US central bank will be published at 19:00 GMT.
* Traders doubled down on their bets on an interest rate cut in 2024, encouraged by slowing inflation and the Fed’s dovish stance at its December policy meeting.
* Futures markets see a 70% chance of seeing a 25 basis point rate cut at the March 20 Fed meeting, according to CME’s FedWatch tool. * Lower interest rates decrease the opportunity cost of holding non-yielding bullion.
* Investors are eagerly awaiting plenty of U.S. economic data this week, including Friday’s nonfarm payrolls report that could influence the Fed’s decision to begin cutting rates in March, as markets expect.
* Investors are also closely watching tensions in the Middle East after Israel killed Hamas deputy leader Saleh al-Arouri in a drone strike in the Lebanese capital Beirut on Tuesday.
* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.06% to 878.54 tonnes on Tuesday from 879.11 tonnes on Friday. [GOL/ETF]
* Spot silver gained 0.1% to $23.66 an ounce, while platinum was little changed at $981.27. Palladium rose 0.3% to $1,084.40.