May 4 (Reuters) - Gold prices edged lower on Tuesday, after
hitting a more than two-month high in the previous session, as a
stronger dollar and optimistic comments from U.S. Federal
Reserve Chairman Jerome Powell on the economy weighed on the
metal's safe-haven appeal.
FUNDAMENTALS
* Spot gold XAU= was down 0.2% at $1,789.02 per ounce by
0131 GMT. The metal touched its highest since Feb. 25 at
$1,797.75 on Monday.
* U.S. gold futures GCv1 fell 0.2% to $1,788.80 per ounce.
* The dollar index .DXY was up 0.1% against its rivals,
making gold more expensive for other currency holders. USD/
* The U.S. economy is doing better, but is "not out of the
woods yet," Powell said on Monday in remarks that flagged an
upcoming central bank study documenting the disproportionate
blow suffered by the less educated and working parents during
the coronavirus downturn. * U.S. manufacturing activity grew at a slower pace in
April, restrained by shortages of inputs as rising vaccinations
against COVID-19 and massive fiscal stimulus unleashed pent-up
demand. * The Bank of Canada's signal that it may begin hiking
interest rates before the Federal Reserve has lit a fire under
the Canadian dollar, but past tightening cycles show faster
liftoff may not be sustained. * South Korea's consumer inflation accelerated to a near
four-year high in April, mainly due to a low base in 2020 and
rising oil and agricultural prices. Data from the Asian country
is a closely watched indicator as it is considered a bellwether
for global trade. * More than 153.02 million people have been reported to be
infected by the novel coronavirus globally and 3,344,235 have
died, according to a Reuters tally. * Palladium XPD= rose 0.2% to $2,976.83 per ounce, after
scaling an all-time high of $3,007.73 per ounce on Friday.
* Silver XAG= was down 0.5% at $26.74 per ounce, while
platinum XPT= dipped 0.1% to $1,228.94.
DATA/EVENTS (GMT)
0430 Australia RBA Cash Rate May
0830 UK Markit/CIPS Mfg PMI Final April
1230 US International Trade March
1400 US Factory Orders MM March