Gold edges higher as dollar weakens; focus on U.S. Fed minutes
July 3 (Reuters) -Gold prices inched up on Wednesday as the U.S. dollar eased, while investors' focus shifted to minutes from the Federal Reserve's latest policy meeting for fresh signals on the timing of the central bank's interest rate cuts.
FUNDAMENTALS
* Spot gold XAU= rose 0.1% at $2,331.41 per ounce, as of 0026 GMT. U.S. gold futures GCcv1 gained 0.3% to $2,340.50.
* The U.S. dollar =USD ticked lower, making bullion cheaper for buyers holding other currencies. USD/
* The U.S. is back on a "disinflationary path", Fed Chair Jerome Powell said on Tuesday, but policymakers need more data before cutting interest rates to verify that recent weaker inflation readings provide an accurate picture of the economy.
* Lower interest rates reduce the opportunity cost of holding non-yielding bullion.
* Traders are currently pricing in about a 67% chance of a Fed rate cut in September, according to CME FedWatch Tool.
* Data showed that U.S. job openings rose in May after posting outsized declines in the prior two months, but the trend remained consistent with an easing in labour market conditions.
* Minutes of the Fed's June policy meeting are due at 1800 GMT. Other jobs data that are due throughout the week include ADP employment, weekly jobless claims scheduled to release later in the day and non-farm payrolls on Friday.
* Spot silver XAG= rose 0.2% to $29.56, platinum XPT= added 0.6% at $996.64 and palladium XPD= lost 0.8% to $978.80.
* South Africa's Impala Platinum on Tuesday reported a strike at part of its recently acquired Bafokeng operations in Rustenburg, which it said mostly involves contractors demanding permanent positions.
DATA/EVENTS (GMT)
0145 China Caixin Services PMI June
0750 France HCOB Serv, Comp PMIs June
0755 Germany HCOB Services PMI June
0755 Germany HCOB Comp Final PMI June
0800 EU HCOB Serv, Comp Final PMIs June
0830 UK S&P Global PMI: Comp - Output June
0830 UK Reserve Assets Total June
1230 US International Trade May
1230 US Initial Jobless Clm Weekly
1345 US S&P Global Comp, Svcs Final PMis June
1400 US Factory Orders MM May
1400 US ISM N-Mfg PMI June
1800 US Federal Open Market Committee issues minutes from its meeting of June 11-12
Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Rashmi Aich
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