Gold holds ground with spotlight on US inflation data
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* Spot gold was up 0.1% at $3,348.35 per ounce, as of 0101 GMT. U.S. gold futures were steady at $3,357.30.
* Traders' focus now shifts to U.S. consumer price data for June, due at 1230 GMT on Tuesday.
* Economists polled by Reuters expect headline inflation to increase to 2.7% on an annual basis, up from 2.4% in the prior month. Core inflation is expected to rise to 3.0%, from 2.8%.
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* U.S. President Donald Trump on Monday renewed his attacks on Fed Chair Jerome Powell, saying interest rates should be at 1% or lower.
* Powell has said that he expects inflation to increase this summer as a result of tariffs, which is seen keeping the U.S. central bank on hold until later this year.
* Trump on Saturday threatened to impose a 30% tariff on imports from Mexico and the European Union starting on August 1, after weeks of negotiations with the major U.S. trading partners failed to reach a comprehensive trade deal.
* Markets are pricing in 50 basis points of rate cuts by year-end, with the first reduction expected in September.
* Gold, often considered as a safe-haven asset during times of economic uncertainties, tends to do well in a low-interest-rate environment.
* Fed Bank of Cleveland President Beth Hammack said on Monday she sees no imminent need to lower rates right now, given that inflation is still too high.
* Spot silver gained 0.1% to $38.15 per ounce, after hitting its highest level since September 2011 on Monday. Platinum eased 0.1% to $1,362.55 and palladium slipped 1% to $1,182.25. DATA/EVENTS (GMT) 0200 China Urban Investment (YTD) YY, Retail Sales YY, Unemp Rate Urban Area June 0200 China GDP YY Q2 0900 Germany ZEW Economic Sentiment, ZEW Current Conditions July 1000 EU Reserve Assets Total June 1230 US Core CPI MM, SA June 1230 US Core CPI YY, NSA June 1230 US CPI MM, SA June 1230 US CPI YY, NSA June 1230 US CPI Wage Earner June.
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