FUNDAMENTALS
* Spot gold held its ground at $2,020.39 per ounce,
as of 0123 GMT. U.S. gold futures were steady at
$2,037.20.
* The dollar index was down 0.1%, making bullion
cheaper for buyers holding other currencies.
* Gold prices rallied 2% to hit their highest in more than a
year on Tuesday after another round of weaker U.S. economic data
indicated a slowing economy and strengthened expectations of a
less-aggressive Fed policy.
* Data showed U.S. job openings in February dropped to the
lowest level in nearly two years, suggesting the labor market
was cooling. A separate report showed new orders for
U.S.-manufactured goods fell for a second straight month in
February.
* The Fed is seen done raising interest rates and starting
to cut them in the summer.
* But Federal Reserve Bank of Cleveland President Loretta
Mester said while the economy appears on a path toward slowing
down, the U.S. central bank likely has more rate hikes ahead of
it.
* While gold is traditionally considered a hedge against
inflation and economic uncertainties, higher interest rates dim
the appeal for non-yielding bullion.
* Spot silver eased 0.1% to $24.99 per ounce, while
platinum was 0.2% higher at $1,020.47 and palladium edged up 0.1% to $1,458.51.
DATA/EVENTS (GMT) 0600 Germany Industrial Orders MM Feb 0600 Germany Manufacturing O/P Cur Price SA Feb 0600 Germany Consumer Goods SA Feb 0750 France S&P Global Serv, Comp PMIs March 0755 Germany S&P Global Serv PMI March 0755 Germany S&P Global Comp Final PMI March 0800 EU S&P Global Serv, Comp Final PMIs March 0830 UK Composite PMI Final March 0830 UK Reserve Assets Total March 1230 US International Trade Feb 1345 US S&P Global Serv, Comp Final PMIs March 1400 US ISM N-Mfg PMI March (Reporting by Kavya Guduru in Bengaluru; Editing by Sherry Jacob-Phillips)
