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 held its ground at $1,755.59 an ounce as of 0053 GMT, after hitting a high of $1,767.79 since July 6 on Friday. * US gold futures It declined 0.2% to $1,779 an ounce. * Dollar <=USD> It hit a near three-week low against its rivals, making greenback-denominated gold less expensive for other currency holders. Benchmark US 10-Year Treasury Yield was hovering near a four-month low. [USD/] [US/]

* 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 the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.06% to 1,005.87 tonnes on Friday from 1,005.29 tonnes on Thursday. [GOL/ETF]
* 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 Platinum fell 0.5% to $20.22 an ounce fell 0.5% to $892.83, and palladium fell 0.2% to $2,124.74. Data/Events (GMT) 0145 China Caixin MFG PMI Final July 0500 India S&P Global MFG PMI July 0750 France S&P Global MFG PMI July 0755 Germany S&P Global/BME MFG PMI July 0800 EU S&P Global MFG Final PMI July 0830 UK S&P GLBL/CIPS MFG PMI July 0900 EU Unemployment Rate June 1345 US S&P Global MFG PMI Final July 1400 US ISM Manufacturing PMI July (Reporting by Brijesh Patel in Bengaluru; Editing by Subhranshu Sahu) (([email protected]; US +1) Within 651) 848 5832, Outside US +91 8067493865; Reuters Messaging: [email protected])) Keywords: GLOBAL PRECIOUS/

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