FUNDAMENTALS
* Spot gold was unchanged at $1,753.77 per ounce by 0123 GMT, while U.S. gold futures were little changed at $1,754.90.
* The dollar hovered close to a one-year high touched last month amid surging energy prices and expectations the U.S. central bank would soon start normalising policy.
* Gold is seen as a hedge against inflation and currency debasement likely from the widespread stimulus. The Fed’s tapering could tackle both those conditions, diminishing bullion’s appeal.
* The current bout of inflation in the euro zone is not a trigger for monetary policy action as growth in services prices and wages remains weak, European Central Bank chief economist Philip Lane said on Monday.
* Russia’s Nornickel, the world’s largest producer of palladium, has cut its deficit estimate for the global palladium market this year and next year due to the flagging recovery of the auto sector, a senior executive told Reuters.
* Spot silver fell 0.2% to $22.52 per ounce, while platinum dropped 0.5% to $1,003.87.
* Palladium was down 0.4% to $2,103.16, having hit its highest since Sept. 10 at $2,182.67 on Monday. DATA/EVENTS (GMT) 0600 UK Claimant Count Unem Chng Sept 0600 UK ILO Unemployment Rate Aug 0900 Germany Zew Economic Sentiment Oct 0900 Germany Zew Current Conditions Oct.
