Gold drifts higher on softer dollar, rate-cut bets
July 22 (Reuters) -Gold prices edged higher on Monday, aided by a softer dollar and expectations of a U.S. interest rate cut, while spotlight shifted to economic data for further insights into the Federal Reserve's monetary policy path.
FUNDAMENTALS
* Spot gold XAU= was up 0.3% at $2,408.19 per ounce, as of 0017 GMT. Prices scaled an all-time high of $2,483.60 last week.
* U.S. gold futures GCcv1 rose 0.5% to $2,410.40.
* The dollar index .DXY was down 0.1%. A weaker dollar makes bullion more attractive to buyers holding other currencies. USD/
* Investors have locked onto the U.S. central bank's Sept. 17-18 meeting for the start of rate cuts that Fed Chair Jerome Powell has said will represent a "consequential" change in policy from the pandemic-era battle against inflation to a phase of easing monetary policy. FEDWATCH
* Lower interest rates reduce the opportunity cost of holding non-yielding bullion.
* Market focus will be on Friday's U.S. PCE price index data. Other releases include existing home sales, July S&P Global flash PMIs, advance second-quarter GDP, and weekly jobless claims.
* Asian physical gold demand was sluggish last week, reflecting customers' reluctance to make new purchases despite deep discounts, who were instead seen capitalizing on record-high bullion prices. GOL/AS
* On the political front, U.S. President Joe Biden abandoned his floundering reelection bid on Sunday under growing pressure from his fellow Democrats and endorsed Vice President Kamala Harris to replace him as the party's candidate to face Republican Donald Trump in the November election.
* Spot silver XAG= gained 0.3% to $29.34 per ounce, platinum XPT= firmed 0.9% at $970.65 and palladium XPD= rose 1.6% to $920.83.
DATA/EVENTS (GMT)
0115 China Loan Prime Rate 1Y July
0115 China Loan Prime Rate 5Y July
Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Rashmi Aich
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