Gold little changed as investors eye Powell's speech
July 2 (Reuters) -Gold prices were little changed on Tuesday as investors awaited comments from Federal Reserve Chair Jerome Powell and jobs data for further cues about the U.S. interest rate outlook.
FUNDAMENTALS
* Spot gold XAU= was steady at $2,332.27 per ounce, as of 0025 GMT. U.S. gold futures GCcv1 rose 0.2% to $2,342.70.
* Traders will look for cues on interest rate cuts when Powell speaks later in the day. Next on their radar are minutes of the U.S. central bank's last policy meeting due on Wednesday and the nonfarm payrolls report scheduled for release on Friday.
* Fed Bank of New York President John Williams said he continues to believe price pressures are moderating back to the levels targeted by the central bank, in comments made on Sunday.
* While bullion is considered an inflation hedge, higher rates increase the opportunity cost of holding the non-yielding asset.
* Data on Monday showed that U.S. manufacturing contracted for a third straight month in June, while a drop in a measure of prices paid by factories for inputs to a six-month low suggested that inflation could continue to subside.
* Elsewhere, European Central Bank President Christine Lagarde said the ECB is not in a hurry to cut rates further.
* SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.17% to 827.61 tonnes on Monday from 829.05 tonnes on Friday. GOL/ETF
* Spot silver XAG= fell 0.1% to $29.41 per ounce, platinum XPT= was flat at $978.20 and palladium XPD= edged up 0.8% to $978.80.
DATA/EVENTS (GMT)
0900 EU HICP Flash YY June
0900 EU HICP-X F, E, A&T Flash MM, YY June
0900 EU HICP Unemployment Rate May
Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Subhranshu Sahu
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