Gold drops over 2% as dollar strengthens; investors await Fed policy cues
Gold prices slipped more than 2% on Monday, weighed down by the greenback's continued rise and broader implications of Donald Trump's victory in the U.S. presidential election on fiscal policy and interest rate cuts.
Spot gold fell 2.5% to $2,617.96 per ounce, as of 1:54 p.m. ET (1854 GMT). U.S. gold futures settled 2.9% lower at $2,617.70.
With the dollar index rising 0.5% to its highest level since early July, gold became less attractive to non-dollar buyers. Last week, the index surged more than 1.5% to 105.44 following the announcement of Trump's victory.
Meanwhile, Fed officials, including Chair Jerome Powell, are scheduled to speak this week, while U.S. consumer and producer price index data, weekly jobless claims and retail sales figures are also due this week.
Spot silver fell 2.2% to $30.60 per ounce.
Source: Reuters
