Gold hovers above $2,400 mark as investors await more Fed cues
Fed Chair Jerome Powell to speak later in the day
U.S. retail sales data due later this week
Recasts as of 1044 GMT
By Sherin Elizabeth Varghese
July 15 (Reuters) -Gold prices were largely unchanged on Monday and held above the key mark of $2,400 per ounce, as traders awaited more U.S. economic data and comments from Federal Reserve officials this week for clarity on the timeline for interest rate reductions.
Spot gold XAU= was steady at $2,413.09 per ounce, as of 1044 GMT. U.S. gold futures GCcv1 were down 0.1% at $2,418.00.
"The U.S. CPI coming in below expectations, coupled with the fact that Powell is talking of having made considerable progress in bringing down inflation," has kept gold prices near $2,400 an ounce, said StoneX analyst Rhona O'Connell.
Data released last week strengthened the view that the disinflation trend has resumed and lifted hopes for rate cuts by the Fed, helping gold rally to its highest since May 22 on Thursday.
Markets see a 94% chance of a U.S. rate cut in September, according to the CME FedWatch Tool. Non-yielding bullion's appeal tends to shine in a low-interest-rate environment.
Long-dated U.S. bond yields rose as investors wagered that presidential candidate Donald Trump's chances of victory had increased after the shooting. US/ MKTS/GLOB
Fed Chair Jerome Powell is due to speak later in the day, and a few other officials will speak this week. Data sets due this week include U.S. retail sales, industrial output for June and weekly jobless claims.
"If retail sales are unexpectedly softer, then it would reinforce rate cut expectations and be supportive for gold. Fed officials are likely to be relatively optimistic, but they are bound to say that they want proper trends in data before they commit to cuts," O'Connell added.
On the physical front, analysts at ANZ wrote in a note that India's gold demand will likely remain strong despite higher prices, due to forecasts for above-average rainfall and a favourable macroeconomic backdrop.
Spot silver XAG= fell 0.1% to $30.74, platinum XPT= edged 0.3% lower at $995.75 and palladium XPD= dropped 0.6% to $963.72.
Spot gold price in USD per oz https://reut.rs/3xZ3TPQ
Reporting by Sherin Elizabeth Varghese in Bengaluru; Editing by Krishna Chandra Eluri
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