SINGAPORE, Sept 28 (Reuters) - Gold got off to a quiet start
to the week on Monday, struggling to recover from the previous
session's losses as investors worried over the timing of a U.S.
interest rate hike.
FUNDAMENTALS
* Spot gold XAU= was little changed at $1,146.70 an ounce
by 0040 GMT.
* The metal had dropped 0.7 percent on Friday after Federal
Reserve chair Janet Yellen said the U.S. central bank would
begin to raise rates this year.
* Data on Friday also supported the view. U.S. gross
domestic product rose at a 3.9 percent annual pace in the second
quarter, up from 3.7 percent reported last month.
ID:nL1N11V0O8
* Earlier in the month the Fed delayed a long-anticipated
rise in U.S. rates, sparking volatility in global markets.
* Gold had benefited from ultra-low rates, but the
non-interest-paying metal could see demand take a hit once rates
start going up.
* Several Fed officials are scheduled to speak this week,
keeping the focus on U.S. monetary policy. Bullion traders will
also be closely monitoring economic data, including non-farm
payrolls data on Friday, to gauge the strength of the economy.
* SPDR Gold Trust, the world's largest gold-backed
exchange-traded fund, said its holdings rose 0.57 percent to
684.14 tonnes on Friday. GOL/ETF
* Hedge funds and money managers raised their bullish bets
in COMEX gold and silver futures and in the week to Sept. 22,
U.S. Commodity Futures Trading Commission data showed on Friday.
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* Among other precious metals, platinum XPT= steadied on
Monday, after posting its biggest weekly drop since July on
Friday.
* The metal had fallen to a 6-1/2-year low last week on
fears that the Volkswagen (XETRA:VOWG) emissions scandal could dent demand
for diesel cars, where it is used in catalysts.
* But there is a glimmer of hope for the metal with the
prospect of tighter emissions legislation. Upcoming European
legislation on CO2 emissions will make it harder for authorities
to back a war on diesel. ID:nL5N11V1U6
* For the top stories on metals and other news, click
TOP/MTL or GOL
MARKET NEWS
* Asian stocks struggled for traction on Monday after an
uninspiring performance on Wall Street at the end of last week,
while the dollar consolidated its gains against the yen and
euro. MKTS/GLOB
DATA AHEAD (GMT)
1230 US Personal consumption, income for August
1230 US Core PCE Price index August
0200 US Pending Home Sales August
PRICES AT 0040 GMT
Metal Last Change Pct chg
Spot gold 1146.7 0.84 0.07
Spot silver 15.045 -0.035 -0.23
Spot platinum 943.65 0.16 0.02
Spot palladium 660.5 -0.97 -0.15
Comex gold 1146.6 1 0.09
Comex silver 15.07 -0.041 -0.27
Euro 1.1202
DXY 96.146
COMEX gold and silver contracts show the
most active months