WASHINGTON (dpa-AFX) - Gold prices were largely unchanged on Monday as traders assessed China's weekend stimulus announcement and looked forward to speeches by Federal Reserve officials for additional clues on the rate trajectory.
Spot gold edged up 0.2 percent to $2,661.19 per ounce, while U.S. gold futures were marginally higher at $2,676.90.
Worries mounted about China's economy after the country's weekend stimulus announcement contained no timetable, no amount, no details of how the money will be spent.
China's finance ministry flagged more fiscal stimulus over the weekend but left out key details on the overall size of the package.
Minister of Finance Lan Foan pledged to 'significantly increase' debt, offer subsidies to people with low incomes, support the property market and replenish state banks' capital, among other measures.
Chinese inflation and trade balance data also disappointed and raised worries about weak domestic demand.
Across the Atlantic, the release of reports on U.S. retail sales and industrial production along with speeches by a slew of Fed officials may provide more cues on the interest-rate outlook as the week progresses.
After an upside surprise from the September U.S. CPI report, hopes for another 50-basis point cut next month have largely evaporated.
Traders currently see a roughly 89 percent chance of the Fed cutting rates by 25 basis points at its November meeting, and an 11 percent chance of it leaving rates unchanged.
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