FUNDAMENTALS
* Spot gold was down 0.1% at $1,845.45 per ounce, as
of 0109 GMT. U.S. gold futures fell 0.2% to $1,851.00.
* The dollar index edged up 0.1%, making bullion less
affordable for buyers holding other currencies.
* Data on Monday showed new orders for U.S.-manufactured
goods fell in January, pulled down by a plunge in civilian
aircraft bookings, but increases in machinery and a range of
other products suggested that manufacturing could be regaining
its footing.
* Global supply chains have "returned to normal", the
Federal Reserve Bank of New York said on Monday, with pressures
dropping to the lowest since before the COVID-19 pandemic, which
could also point to softening inflation.
* Fed's Powell is due to deliver his semi-annual testimony
before Congress on Tuesday and Wednesday, which will be closely
watched for any hints on the U.S. central bank's tightening
path.
* The U.S. jobs report for February is due on Friday.
* Although gold is considered a hedge against inflation,
rising interest rates tend to decrease the appetite for
zero-yield bullion.
* Market participants expect the Fed to raise rates by 25
basis points at its March 21-22 meeting, with a peak seen at
5.488% in September.
* Spot silver was unchanged at $21.03 per ounce,
platinum fell 0.3% to $972.71 and palladium slipped 0.7% to $1,430.79.
DATA/EVENTS (GMT) 0300 China Exports, Imports YY Feb 0300 China Trade Balance Feb 0330 Australia RBA Cash Rate March 0700 UK Halifax House Prices MM, YY Feb 0745 France Reserve Assets Total Feb 0800 Germany Industrial Orders MM Jan 0800 Germany Manufacturing O/P Cur Price SA Jan 0800 Germany Consumer Goods SA Jan (Reporting by Kavya Guduru in Bengaluru; Editing by Sherry Jacob-Phillips)
