March 1 (Reuters) - Gold edged higher on Monday, recovering
from an eight-month low touched in the previous session, as a
weaker dollar lifted bullion's appeal.
FUNDAMENTALS
* Spot gold rose 0.3% to $1,739.31 per ounce by 0108
GMT, after hitting its lowest since June at $1,716.85 on Friday.
U.S. gold futures gained 0.4% to $1,736.10.
* The dollar slipped from a one-week high hit in the
previous session, making gold cheaper for holders of other
currencies.
* Bullion, however, posted its worst monthly fall since
November 2016 in February due to rising U.S. Treasury Yields,
which increase the opportunity cost of holding non-yielding
gold.
* U.S. House of Representatives passed a $1.9 trillion
coronavirus relief package early Saturday.
* A global bond market rout saw government bond yields in
the United States, Germany and Australia ending February with
their biggest monthly rises in years.
* The U.S. government on Saturday authorized Johnson &
Johnson's single-dose COVID-19 vaccine, setting the
vaccine up for additional approvals around the world.
* Speculators decreased their bullish positions in COMEX
gold and silver contracts in the week to Feb. 23, the U.S.
Commodity Futures Trading Commission (CFTC) said on Friday.
* Physical gold demand in India gained momentum last week as
retail buyers and jewellers lapped up bullion at near
eight-month low prices, while Singapore continued to see steady
interest for both gold and silver.
* Silver gained 0.3% to $26.71 an ounce, while
palladium was up 1% at $2,340.69. Platinum rose
1.1% to $1,202.00.
DATA/EVENTS (GMT)
0855 Germany Markit/BME Mfg PMI
0900 EU Markit Mfg Final PMI
0930 UK Markit/CIPS Mfg PMI Final
1300 Germany CPI, HICP Prelim YY
1445 US Markit Mfg PMI Final
1500 US ISM Manufacturing PMI
(Reporting by Shreyansi Singh in Bengaluru; Editing by Rashmi
Aich)
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