Dec 3 (Reuters) - Gold prices were little changed on
Wednesday after a 1% drop in the previous session, as a rebound
in equities and firm Treasury yields kept pressure on the metal
while investors awaited key U.S. data for clues on potential
rate cuts later this week.
FUNDAMENTALS
* Spot gold held its ground at $4,207.43 per ounce,
as of 0028 GMT.
* U.S. gold futures for December delivery were up
0.5% at $4,239.50 per ounce.
* U.S. rate futures are pricing in an 89% chance of a rate
cut in December, according to the CME's FedWatch tool.
* Recent U.S. data emerging signalled a slight economic
slowdown, driving up bets for a U.S. interest rate cut by the
Federal Reserve at its December 10 meeting.
* Non-yielding gold tends to perform well in
low-interest-rate environments.
* Investors are also focused on key data scheduled for this
week, including November ADP employment figures on Wednesday and
the delayed September Personal Consumption Expenditures (PCE)
Index, the Fed's preferred inflation gauge, due on Friday.
* Meanwhile, U.S. President Donald Trump said he plans to
announce his pick to replace Jerome Powell as Fed chair early
next year.
* U.S. Treasury yields were flat to modestly lower on
Tuesday, pulling back from highs seen in the previous session
while global shares rose late on Tuesday and both
cryptocurrencies and global government bonds stabilised after
the previous day's selloff.
* Central banks bought 53 tons of gold in October, up 36%
month-on-month and the largest monthly net demand since the
start of 2025, according to the World Gold Council.
* Elsewhere, silver fell 0.2% to $58.32 per ounce,
platinum lost 0.4% to $1,631.10, while palladium
lost 0.6% to $1,458.83.
DATA/EVENTS (GMT)
0145 China RatingDog Services PMI November
0850 France HCOB - Services, Composite PMI November
0855 Germany HCOB Services, Composite Final PMI November
0900 EU HCOB Services, Composite Final PMI November
0930 UK S&P GLOBAL PMI: COMPOSITE - OUTPUT November
0930 UK Reserve Assets Total November
1330 US Import Prices YY September
1415 US Industrial Production MM September
1445 US S&P Global Comp, Svcs PMI Final November
1500 US ISM N-Mfg PMI November
(Reporting by Ishaan Arora in Bengaluru; Editing by Sherry
Jacob-Phillips)
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