Gold on track for first weekly dip in three as rate-cut bets dwindle
May 24 (Reuters) -Gold rose on Friday but was set for its first weekly drop in three weeks, as investors lowered expectations of a U.S. interest rate cut after the Federal Reserve's latest meeting indicated that there would be a delay in monetary policy easing.
FUNDAMENTALS
* Spot gold XAU= rose 0.2% at $2,332.14 per ounce, as of 0119 GMT. Bullion prices are down 3.4% so far this week, after hitting a record high of 2,449.89 on Monday.
* U.S. gold futures GCcv1 were down 0.2% at $2,333.70.
* Fed officials indicated that it would take longer than previously anticipated to gain greater confidence in inflation moving to 2%, according to the minutes of the U.S. central bank's April 30-May 1 session.
* Businesses across the globe broadly enjoyed an improved performance this month with activity picking up in the United States and across parts of Asia and Europe, giving central banks room to potentially defer cutting interest rates. FEDWATCH
* Bullion is known as an inflation hedge, but higher rates increase the opportunity cost of holding non-yielding gold.
* The value of Peru's illegal gold exports is higher than the total legal gold sold by several other South American countries combined, an independent study showed.
* A classic economic data case of 'good news is bad news' from the U.S. on Thursday looks set to weigh on Asian markets, as the eagerly awaited first rate cut gets pushed back further.
* Johnson Matthey JMAT.L missed market expectations for full-year revenue and pretax profit, hurt by lower prices for platinum group metals.
* Russian metals giant Nornickel GMKN.MM plans a joint project for construction of a platinum group metals (PGMs) refinery in Bahrain, a source familiar with the matter told Reuters.
* Spot silver XAG= rose 0.5% to $30.25 per ounce, platinum XPT= was up 0.3% at $1,021.75 and palladium XPD= gained 0.1% at $970.75.
DATA/EVENTS (GMT)
0600 Germany GDP Detailed QQ SA, YY NSA Q1
0600 UK Retail Sales MM, YY April
0600 UK Retail Sales Ex-Fuel MM April
0645 France Business Climate Mfg, Overall May
1230 US Durable Goods April
1400 US U Mich Sentiment Final May
G7 Finance Ministers and Central Bank Governors meet in
Stresa, Italy, to debate global economic development
Reporting by Sherin Elizabeth Varghese in Bengaluru; Editing by Rashmi Aich
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