Gold prices were largely unchanged on Monday and held above the key mark of $2,400 per ounce, as traders awaited more US economic data and comments from Federal Reserve officials this week for clarity on the timeline for interest rate reductions, reports Reuters.
Spot gold was steady at $2,413.09 per ounce, as of 1044 GMT. US gold futures were down 0.1 per cent at $2,418.00.
"The US CPI coming in below expectations, coupled with the fact that Powell is talking of having made considerable progress in bringing down inflation," has kept gold prices near $2,400 an ounce, said StoneX analyst Rhona O'Connell.
Data released last week strengthened the view that the disinflation trend has resumed and lifted hopes for rate cuts by the Fed, helping gold rally to its highest since May 22 on Thursday.
Markets see a 94 per cent chance of a US rate cut in September, according to the CME FedWatch Tool. Non-yielding bullion's appeal tends to shine in a low-interest-rate environment.
Long-dated US bond yields rose as investors wagered that presidential candidate Donald Trump's chances of victory had increased after the shooting.
Fed Chair Jerome Powell is due to speak later in the day, and a few other officials will speak this week. Data sets due this week include US retail sales, industrial output for June and weekly jobless claims.
"If retail sales are unexpectedly softer, then it would reinforce rate cut expectations and be supportive for gold. Fed officials are likely to be relatively optimistic, but they are bound to say that they want proper trends in data before they commit to cuts," O'Connell added.
On the physical front, analysts at ANZ wrote in a note that India's gold demand will likely remain strong despite higher prices, due to forecasts for above-average rainfall and a favourable macroeconomic backdrop.
Spot silver fell 0.1 per cent to $30.74, platinum edged 0.3 per cent lower at $995.75 and palladium dropped 0.6 per cent to $963.72.
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