Gold edges lower as US dollar rally curbs upside
China flags more fiscal stimulus, leaves out details on size
Dollar hits highest since mid-August against its rivals
Gold hit highest in over a week earlier in the session
Updates prices
By Anushree Mukherjee
Oct 14 (Reuters) -Gold prices eased on Monday as broad economic stimulus measures in China, the biggest bullion consumer, failed to invoke investor confidence and a U.S. dollar rally to two-month highs capped upside momentum.
Spot gold XAU= fell 0.2% to $2,649.98 per ounce by 14:35 p.m. ET (1835 GMT), having hit its highest in over a week earlier in the session.
U.S. gold futures GCcv1 settled eased 0.4% lower at $2,665.6.
The dollar rose to its highest since mid-August, while the euro extended its fall ahead of a central bank meeting this week. USD/
Phillip Streible, chief market strategist at Blue Line Futures, said there were "a lot of little headwinds for gold," including the China stimulus, stronger dollar, weaker euro, weaker base metals, and profit-taking.
Gold's record price rally in the last few months has dampened investor sentiment and bullion demand in China. A stronger dollar makes gold more expensive for other currency holders. GOL/AS
Chinese data is double-edged. Weak Chinese data could reduce demand for gold, but a broader slowdown in China could unsettle markets, enhancing gold's appeal as a safe haven, Zain Vawda, market analyst at MarketPulse by OANDA, said.
"Overall, there are still more factors supporting higher gold prices than those weighing against it," Vawda said.
Investors will also monitor comments from Fed officials this week for more hints on the upcoming rate cuts, along with U.S. retail sales data.
Traders see a roughly 82%chance of the Fed cutting rates by 25 basis points at its November meeting. Lower interest rates reduce the opportunity cost of holding bullion.
However, geopolitical tensions and the global drivers of gold (western investors) are still actively working to support the gold price, said World Gold Council market strategist Joseph Cavatoni.
Spot silver XAG= fell 1.1% to $31.2 per ounce, while platinum XPT= rose 0.9% to $994.03.
Palladium XPD= dropped more than 3.8% to $1,027.16.
Spot gold price in USD per oz https://reut.rs/4dNez31
Reporting by Anushree Mukherjee, Swati Verma and Rahul Paswan in Bengaluru; editing by Barbara Lewis and Shreya Biswas
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