Gold set for quarterly gain; Fed's Powell comments in focus
Sept 30 (Reuters) -Gold ticked up on Monday and was on track for its fourth straight quarterly gain, buoyed by hopes of another large U.S. rate cut and rising Middle East conflict, while investors awaited comments from Federal Reserve Chair Jerome Powell.
FUNDAMENTALS
* Spot gold XAU= rose 0.2% at $2,662.3 per ounce, as of 0036 GMT. Bullion closed 0.5% lower on Friday, snapping a six-session rally.
* Gold has risen nearly 15% this quarter, marking its fourth consecutive quarterly increase.
* Data on Friday showed that the U.S. consumer spending increased moderately in August, suggesting the economy retained some of its solid momentum in the third quarter, while inflation pressures continued to abate.
* The data lifted expectations of an outsized interest rate cut at the Fed's November policy meeting.
* Currently, traders see a 53% chance of another half-percentage-point reduction by Fed in its next meeting, according to CME FedWatch Tool.
* Lower interest rates reduce the opportunity cost of holding bullion, which is also viewed as a safe asset during economic and political turmoil.
* Israel killed Hezbollah leader Sayyed Hassan Nasrallah in a powerful airstrike in Beirut, dealing a heavy blow to the Iran-backed group as it reels from an escalating campaign of Israeli attacks.
* Market participants' attention will now turn towards speeches from Powell and Fed Governor Michelle Bowman later in the day.
* On the physical front, gold demand contracted in key Asian hubs last week, as prices hitting record highs deterred buyers and encouraged some to cash in on their holdings. GOL/AS
* SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.59% to 871.94 metric tons on Friday. GOL/ETF
* Spot silver XAG= was up 0.2% to $31.68 per ounce, platinum XPT= gained 0.4 to $1,004.10 and palladium XPD= rose 0.2% to $1,013.5.
DATA/EVENTS (GMT)
0130 China NBS Manufacturing PMI Sept
0145 China Caixin Mfg PMI Final Sept
0145 China Caixin Services PMI Sept
0600 UK GDP YY Q2
0600 UK Nationwide House Price MM Sept
0600 UK Nationwide House Price YY Sept
0600 UK GDP QQ Q2
1200 Germany CPI Prelim YY Sept
1200 Germany HICP Prelim YY Sept
Reporting by Daksh Grover in Bengaluru; Editing by Rashmi Aich
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
