Sept 29 (Reuters) - Gold prices rose on Monday to hover
near an all-time high, supported by a weaker dollar and growing
expectations that the Federal Reserve is likely to continue with
interest rate cuts later this year.
FUNDAMENTALS
* Spot gold was up 0.5% at $3,776.72 per ounce as of
0150 GMT. Bullion hit a record of $3,790.82 last week.
* U.S. gold futures for December delivery were
steady at $3,806.20.
* The U.S. dollar index eased 0.2% against its
rivals, making greenback-priced bullion less expensive for
overseas buyers.
* The U.S. Commerce Department said on Friday its Personal
Consumption Expenditures Price Index (PCE) rose 0.3% in August,
versus the prior 0.2% rise in July, matching the estimate of
economists polled by Reuters.
* Traders are currently pricing in a 90% chance of a Fed cut
in October, with around a 65% probability of another in
December, according to CME FedWatch Tool.
* Share markets got off to a cautious start in Asia on
Monday as investors braced for a possible shutdown of the U.S.
government.
* Investors now await U.S. data on job openings, private
payrolls, the ISM manufacturing PMI and Friday's non-farm
payrolls report for further clues on the economy's health.
* SPDR Gold Trust, the world's largest gold-backed
exchange-traded fund, said its holdings rose 0.89% to 1,005.72
tonnes on Friday from 996.85 tonnes on Thursday.
* Physical gold demand in China weakened further last week,
with discounts hitting multi-year lows, while steady buying
persisted in other major Asian hubs despite the high prices in
anticipation of further gains.
* Elsewhere, spot silver rose 0.6% to $46.26 per
ounce, platinum climbed 2.2% to $1,602.45 and palladium
gained 0.8% at $1,279.68.
DATA/EVENTS (GMT)
0900 EU Consumer Confid. Final Sep
(Reporting by Brijesh Patel in Bengaluru; Editing by
Harikrishnan Nair)
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