NEW YORK: Gold fell on Monday in step with a stronger dollar as investors cautiously looked forward to US inflation data that could influence the Federal Reserve’s timeline for easing its bond purchases.
Spot gold was down 0.2% to $1,804.80 per ounce by 1:50 p.m. EDT. US gold futures settled 0.3% lower at $1,805.90.
Analysts at JP Morgan suggested in a weekly note that gold investors’ cautious stance was warranted given their view of steadily rising yields and the dollar being supported around current levels until the end of this year. The bank forecasts gold to average $1,686 per troy ounce this year.
Elsewhere, silver rose 0.3% to $26.15 per ounce, palladium gained 1.6% to $2,852.81 and platinum was 1.2% higher at $1,116.91.
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