NEW YORK: Gold prices rose on Monday, as the US dollar and Treasury yields retreated on weaker economic readings, casting doubts over whether the Federal Reserve may stick to its hawkish policy outlook.
Spot gold rose 0.3% to $1,925.85 per ounce by 12:02 p.m. EDT (1602 GMT), while US gold futures gained 0.2% to $1,934.10. Bullion lost 2.5% in the April to June quarter.
“Gold has probably found a home around 1900,” said Edward Moya, senior market analyst at OANDA.
“There’s some positioning happening here ... the market last week seemed to be slowly pricing in more Fed rate hikes, but data going forward might suggest that might not be happening, we could get really get one more rate hike.”
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