FUNDAMENTALS
* Spot gold was up 0.4% at $2,388.49 an ounce at 0111 GMT. U.S. gold futures edged up 0.2% to $2,403.30 an ounce. Bullion is up 3% so far this week.
* The United States announced new sanctions against Iran, targeting its production of unmanned aerial vehicles after its attack on Israel.
* Federal Reserve policymakers have rallied around the idea of keeping borrowing costs where they likely are until later in the year, given slow and uneven progress in inflation and a still strong American economy.
* The number of Americans filing new claims for unemployment benefits remained unchanged at low levels last week, reflecting continued strength in the job market.
* Atlanta Federal Reserve President Raphael Bostic said that if rising inflation stops, central bankers should consider raising interest rates. * Higher interest rates reduce the attractiveness of holding gold without yield. * Silver may have the power to hit the $30-an-ounce mark after its 26% surge in March-April on gold’s record run and copper’s strength, even as analysts say that the metal is ripe for technical correction.
* South African company Sibanye Stillwater will close its 4 Belt well at Marikana and cut 855 jobs after failing to return to profitability due to weak platinum group metal (PGM) prices.
* Asian markets hope to end a tough week on a positive note, but crumbling global sentiment and a reluctance to take on much risk ahead of the weekend amid ongoing tensions in the Middle East could limit any upside potential .
* Spot silver rose 0.7% to $28.41 an ounce, platinum rose 0.6% to $940.70, while palladium fell 0.6% to 1 $016.25.
DATA/EVENTS (GMT) 0600 UK Retail Sales MM, YY Mar 0600 UK Retail Sales excluding Fuel MM Mar.
FUNDAMENTALS
* Spot gold was up 0.4% at $2,388.49 an ounce at 0111 GMT. U.S. gold futures edged up 0.2% to $2,403.30 an ounce. Bullion is up 3% so far this week.
* The United States announced new sanctions against Iran, targeting its production of unmanned aerial vehicles after its attack on Israel.
* Federal Reserve policymakers have rallied around the idea of keeping borrowing costs where they likely are until later in the year, given slow and uneven progress in inflation and a still strong American economy.
* The number of Americans filing new claims for unemployment benefits remained unchanged at low levels last week, reflecting continued strength in the job market.
* Atlanta Federal Reserve President Raphael Bostic said that if rising inflation stops, central bankers should consider raising interest rates. * Higher interest rates reduce the attractiveness of holding gold without yield. * Silver may have the power to hit the $30-an-ounce mark after its 26% surge in March-April on gold’s record run and copper’s strength, even as analysts say that the metal is ripe for technical correction.
* South African company Sibanye Stillwater will close its 4 Belt well at Marikana and cut 855 jobs after failing to return to profitability due to weak platinum group metal (PGM) prices.
* Asian markets hope to end a tough week on a positive note, but crumbling global sentiment and a reluctance to take on much risk ahead of the weekend amid ongoing tensions in the Middle East could limit any upside potential .
* Spot silver rose 0.7% to $28.41 an ounce, platinum rose 0.6% to $940.70, while palladium fell 0.6% to 1 $016.25.
DATA/EVENTS (GMT) 0600 UK Retail Sales MM, YY Mar 0600 UK Retail Sales excluding Fuel MM Mar.