Gold eases as dollar strengthens; traders eye Fed cues
Oct 14 (Reuters) -Gold prices drifted lower on Monday as the U.S. dollar strengthened, while market participants awaited fresh cues on the Federal Reserve's monetary policy path.
FUNDAMENTALS
* Spot gold XAU= fell 0.4% to $2,646.75 per ounce by 0022 GMT after rising 1% in the previous session. U.S. gold futures GCcv1 lost 0.5% to $2,663.90.
* The dollar index .DXY edged up 0.2%, making bullion less attractive for other currency holders. USD/
* Data on Friday showed that U.S. producer prices were unchanged in September, pointing to a still-favorable inflation outlook and supporting views that the Fed would cut interest rates again next month.
* Traders see roughly 87% probability the Fed would cut rates by 25 basis points at its November meeting, and a 13% chance it will leave rates unchanged, according to CME's FedWatch tool.
* Zero-yield bullion is a preferred investment amid lower interest rates.
* Investors will also keep an eye on the U.S. retail sales data due later this week for further cues on rate outlook.
* Elsewhere, the United States said on Sunday it will send U.S. troops to Israel along with an advanced U.S. anti-missile system, in a highly unusual deployment meant to bolster the country's air defenses following missile attacks by Iran.
* Spot silver XAG= edged 1% lower to $31.21 per ounce. Platinum XPT= fell 0.9% to $976.20 and palladium XPD= slipped 2.1% to $1,045.87.
* Saturday's news conference by China's Finance Minister Lan Foan reiterated Beijing's broad plans to revive the ailing economy, with promises made on significant increases to government debt and support for consumers and the property sector.
* Japan's Mitsui & Co plans to re-enter global precious metals trading to hedge client risk after a nine-year absence, three sources with knowledge of the matter told Reuters.
Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Rashmi Aich
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