Gold drifts higher as US rate cut optimism boosts appeal
US retail sales data due at 1230 GMT
Gold hit near two-month peak on Monday
Adds graphic and updates prices
By Ashitha Shivaprasad
July 16 (Reuters) -Gold prices nudged higher on Tuesday as comments from Federal Reserve Chair Jerome Powell bolstered the case for a September rate cut, while investors awaited more U.S. economic data for further monetary policy cues.
Spot gold XAU= rose 0.2% to $2,425.69 per ounce by 0424 GMT. On Monday, prices hit their highest level since May 20, when bullion scaled a record peak of $2,449.89.
U.S. gold futures GCcv1 gained 0.1% to $2,431.80.
"Powell continued to lay the groundwork for upcoming policy easing. A rate cut in September is now fully priced in by markets, which may keep sentiments in gold prices well-supported in the lead-up," said IG market strategist Yeap Jun Rong. FEDWATCH
Powell said on Monday the three U.S. inflation readings over the second quarter of this year "add somewhat to confidence" that the pace of price increases is returning to the Fed's target in a sustainable fashion, remarks that suggest a turn to interest rate cuts may not be far off.
When interest rates decrease, the appeal of non-yielding bullion typically increases.
Investors were awaiting U.S. retail sales data due at 1230 GMT on Tuesday and comments from Fed governors Christopher Waller and Adriana Kugler later this week for further direction.
A subdued retail sales report may underpin gold prices on dovish Fed bets, while a break to a fresh high will mark a continuation of gold's broader upward trend, which may leave the $2,600 level on watch next, Yeap said.
Elsewhere, India's four-week platinum imports from mid-June eclipsed 2023's total as bullion dealers exploited a loophole by registering alloys containing around 90% gold as platinum to avoid higher duties, government and industry officials told Reuters.
Among other metals, spot silver XAG= fell 0.8% to $30.75 per ounce and platinum XPT= eased 0.3% to $992.26, while palladium XPD= rose 0.4% to $954.18.
Spot gold price in USD per oz https://reut.rs/3WmzFQ1
Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Sherry Jacob-Phillips and Subhranshu Sahu
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