Sept 24 (Reuters) - Gold held steady near a record high
on Wednesday as investors assessed U.S. Federal Reserve Chair
Jerome Powell's cautious comments on interest rate cuts while
awaiting a key inflation report due later in the week for
further policy cues.
FUNDAMENTALS
* Spot gold held its ground at $3,762.05 per ounce,
as of 0052 GMT. Bullion hit a record high of $3,790.82 on
Tuesday.
* U.S. gold futures for December delivery fell 0.6%
to $3,794.50.
* The U.S. dollar index hovered near a one-week low,
making greenback-priced bullion less expensive.
* Powell said on Tuesday the central bank needed to continue
balancing the competing risks of high inflation and a weakening
job market in coming rate decisions, even as his colleagues
staked out arguments on both sides of the policy divide.
* The U.S. weekly initial jobless claims report is due on
Thursday, followed by the Personal Consumption Expenditures
index, the Fed's preferred inflation gauge.
* Markets anticipate two more 25-basis-point rate cuts this
year, with a 93% probability in October and a 77% probability in
December, according to the CME FedWatch tool.
* In its latest Economic Outlook Interim Report, the
Organisation for Economic Cooperation and Development said the
full impact of U.S. tariff hikes was still unfolding, with firms
so far absorbing much of the shock through narrower margins and
inventory buffers.
* NATO warned Russia on Tuesday that it would use "all
necessary military and non-military tools" to defend itself as
it condemned Moscow for violating Estonian airspace in a
"pattern of increasingly irresponsible behaviour".
* Spot silver was steady at $44.02 per ounce,
platinum remained unchanged at $1,478.15 and palladium
fell 0.4% to $1,214.78.
DATA/EVENTS (GMT)
0800 Germany Ifo Business Climate New Sep
0800 Germany Ifo Curr Conditions, Expectations
New Sep
1400 US New Home Sales-Units Aug
(Reporting by Anmol Choubey in Bengaluru; Editing by Subhranshu
Sahu)
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