Gold prices dipped on Monday as the US dollar edged higher, and investors positioned for a series of major central bank policy meetings this week, with a likely pause in interest rate hikes by the US Federal Reserve.
Spot gold fell 0.3 percent to $1,954.78 per ounce. US gold futures fell 0.4 percent to $1,969.10.
Markets in Australia were closed on Monday due to a public holiday.
“While the Fed is expected to hold their interest rate, they are unlikely to deliver a dovish undertone required to tempt gold bulls back to the table in a meaningful way,” said Matt Simpson, senior market analyst at City Index.
Gold prices climbed 0.7 percent for the week ended Friday, helped by a more-than-1 percent jump on Thursday after a surge in US weekly jobless claims.
However, the dollar index held firm, making bullion less appealing for overseas buyers.
The release of US consumer price index and producer price index data on Tuesday and Wednesday, respectively, are also on investors’ radar, as a hotter CPI number could alter rate expectations. – Reuters
