PRECIOUS – Gold softens dollar, closes 3-week high on yields
Aug 1 (Reuters) – Gold prices held steady on Monday, helped by a weaker US dollar and lower bond yields, hovering near more than three-week highs in the previous session. Fundamentals * Spot Gold
* Data shows US consumer spending rose more than expected in June as Americans pay more for goods and services, with monthly inflation rising to the highest since 2005.
* India on Friday launched its first international bullion exchange as the world’s second largest consumer of precious metals seeks to bring transparency in the market for the precious metal. [nL1N2ZA0WG]
* Asian stock markets got off to a slow start on Monday, as disappointing Chinese economic data raised doubts that last week’s rally on Wall Street could be sustained due to policy tightening set by global central banks. [MKTS/GLOB]
*SPDR Gold Trust
* Buying of physical gold in India eased last week as rupee prices hit a three-week high, while the prospect of new restrictions to tackle higher coronavirus cases blew the demand outlook in top consumer China. [GOL/AS]
* spot silver
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