Gold prices fell for a second straight time on Monday, as investors prepare for U.S. economic data and comments from Federal Reserve officials this week for more clarity on the future direction of gold rates. American interest.
Spot gold fell 0.5% to $2,669.22 an ounce, by 0306 GMT. U.S. gold futures fell 0.7% to $2,675.90.
“Gold prices were previously seen as a hedge against US political risks, and a quicker-than-expected conclusion to the election could be a trigger for some near-term unwinding, with the US dollar firmer, Yeap said Jun Rong, market strategist at IG.
Spot gold prices recorded their worst week in more than five months on Friday as Donald Trump's victory in the presidential election raised the prospect of higher tariffs that could keep gold rates in check. interest at a high level.
“We can expect the Fed to be more cautious in its easing process, which could limit gold prices,” Yeap said.
Bullion is seen as a hedge against inflation, but rising interest rates increase the opportunity cost of holding it.
Several Federal Reserve officials, including Chairman Jerome Powell, are scheduled to speak this week.
Additionally, data on the U.S. Consumer and Producer Price Index, weekly jobless claims and retail sales are due this week.
Traders see a 65% chance of another 25 basis point cut in December and a 35% chance of no change, according to the CME's Fedwatch tool. .
Elsewhere, data released over the weekend showed that consumer prices in China rose at the slowest pace in four months in October, while producer price deflation worsened, although Beijing has doubled its stimulus measures to support the flagging economy.
Spot silver fell 0.4% to $31.17 an ounce, platinum rose 0.3% to $971.11, and palladium added 0.5% to $993.74 .
