Gold slips on firmer dollar, profit-taking; key US data in focus
Gold prices snapped a four-session rally to trade lower on Monday, pressured by a firmer dollar and profit-booking, while investors awaited key U.S. economic data for cues on the Federal Reserve's monetary policy outlook.
Spot gold was down 1.1% at $2,625.69 per ounce, as of 0539 GMT. U.S. gold futures edged 1.2% lower to $2,648.40.
"The yellow metal has been facing some profit-taking lately as market participants unwind some of the geopolitical risk premium, alongside the strength in the U.S. dollar," IG market strategist Yeap Jun Rong said.
The dollar index gained 0.5%, making greenback-priced bullion more expensive for holders of other currency.
This week, key U.S. economic data will be released that could influence market expectations for monetary policy. Among the most significant reports are the U.S. job openings, the ADP employment report and the non-farm payrolls report. In addition to these data points, a few Federal Reserve officials, including Fed Chair Jerome Powell, are scheduled to speak.
According to the CME Group's FedWatch Tool, opens new tab, markets currently see a 67.1% chance of a 25-basis-points rate cut in December.
Gold prices slipped more than 3% in November, marking their worst monthly performance since September 2023, amid concerns that higher tariffs under an incoming Donald Trump administration could lead to prolonged higher interest rates.
U.S. President-elect Trump on Saturday demanded that the BRICS countries commit to not creating a new currency or supporting another currency that would replace the U.S. dollar or face 100% tariffs.
Among other metals, spot silver shed 1.6% to $30.10 per ounce, platinum fell 0.6% to $939.90 and palladium dropped 1% to $968.37.
Source: Reuters
