Mumbai, 15 Jul (Commoditiescontrol): Gold prices dipped on Monday as the dollar held firm, with investors keenly awaiting remarks from Federal Reserve officials and upcoming economic data for insights on the U.S. interest rate trajectory.
Spot gold declined by 0.2% to $2,407.29 per ounce, while U.S. gold futures slipped 0.4% to $2,411.20.
The dollar's strength came as U.S. bond futures slid, with investors betting that recent political turmoil surrounding presidential candidate Donald Trump could increase his chances of victory, injecting a new layer of uncertainty into the markets. A robust dollar makes gold more expensive for buyers using other currencies.
Federal Reserve Chair Jerome Powell is scheduled to speak later today, with additional comments from other officials expected throughout the week. Key economic data, including U.S. retail sales, industrial output for June, and weekly jobless claims, will also be closely watched.
Recent data showed U.S. consumer prices fell for the first time in four years in June, heightening expectations that the Federal Reserve will cut interest rates in September. Lower interest rates typically enhance the appeal of non-yielding assets like gold.
Physical gold demand in Asian markets was sluggish last week as high prices deterred buyers. Dealers in India, one of the largest gold-consuming nations, offered the biggest discounts in nearly three and a half months to attract consumers.
Spot silver fell 0.5% to $30.62 per ounce, platinum slipped 0.3% to $995.35, and palladium dropped 1.3% to $956.81.
(By Commoditiescontrol Bureau: 09820130172)
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