Gold prices inched higher on Monday, lifted by a softer dollar, as the bullion partially recovered from a slump last week on hot U.S. inflation data that cooled prospects of early rate cuts by the Federal Reserve.
FUNDAMENTALS
* Spot gold GOLD was up 0.2% at $2,017.77 per ounce, as of 0050 GMT. Bullion lost 0.5% last week.
* U.S. gold futures 
GOLD edged 0.3% higher to $2,029.80 per ounce.
* The dollar index 
DXY was down 0.1%, making greenback-priced bullion more affordable to overseas buyers.
* Last week, bullion fell to a two-month low after data showed consumer prices rose more than expected last month, but it recouped some of its losses later in the week after U.S. retail sales fell more than expected in January.
* Federal Reserve Bank of Atlanta President Raphael Bostic said that while he needs more data to convince him inflation pressures are truly falling, he’s open to lowering rates at some point in the next few months.
* Chicago Fed President Austan Goolsbee cautioned against delaying rate cuts for too long even after data showed consumer prices rose more than expected in January.
* Traders have pushed back their expectations of a U.S. interest rate cut from March to June. Markets are currently pricing a 77% chance of a cut in June, according to the CME Fed Watch Tool.
* Most U.S. markets will remain closed on Monday for the President’s Day holiday.
* Spot platinum 
PL1! fell 0.2% at $904.27 per ounce, palladium 
XPDUSD1! rose 1.2% at $960.76, while silver 
XAGUSD1! was down 0.2% at $23.35 per ounce.
DATA/EVENTS (GMT)
n/a UK House Price Rightmove MM, YY Feb
Credit: Source link