FUNDAMENTALS
* Spot gold rose 0.3% to $2,671.13 per ounce as of 0101 GMT. U.S. gold futures gained 0.4% to $2,688.40.
* The bullion fell about 1% within the final session as a powerful U.S. greenback, buoyed by sturdy jobs knowledge final week, dampened investor urge for food for the valuable metallic.
* The sturdy jobs report additionally bolstered the Fed’s cautious stance on additional fee cuts this yr, whereas issues grew that tariffs imposed by President-elect Donald Trump may gasoline inflation.
* U.S. customers’ outlook on the anticipated path of inflation was combined final month, a survey by the New York Federal Reserve confirmed on Monday. * Bullion is used as a hedge in opposition to inflation, though increased rates of interest scale back the non-yielding asset’s enchantment. * Buyers now await U.S. consumer price index (CPI) knowledge on Wednesday and the producer value index (PPI) report later within the day for additional insights into the financial system and the Fed’s coverage path. A number of Fed officers are additionally as a result of communicate this week.
* COMEX gold speculators raised internet lengthy positions by 12,116 contracts to 194,499 within the week to Jan. 7, knowledge confirmed.
* SPDR Gold Belief, the world’s largest gold-backed exchange-traded fund, stated its holdings fell 0.26% to 874.52 tonnes on Monday from 876.82 tonnes on Friday.
* Spot silver added 0.2% to $29.67 per ounce and palladium rose 0.3% to $941.26. Platinum dropped 0.1% to $952.78.
DATA/EVENTS (GMT) 1330 US PPI Machine Manuf’ing Dec
