Gold prices were moving lower on Monday but held near a nine-month high amid signs of easing inflationary pressures in the United States and expectations for smaller interest-rate hikes.
Spot gold slipped 0.2 percent to $1,915.93 per ounce, while U.S. gold futures were down 0.2 percent at $1,918.60.
The dollar index rebounded from a seven-month low and bond yields across Europe climbed, denting bullion’s appeal and triggering some profit booking after recent strong gains. Meanwhile, a holiday in U.S. markets made for thin trading.
U.S. gold futures have risen 5 percent since 2023 began as a result of falling yields and a weakening dollar.
A survey by the University of Michigan on Friday indicated the U.S. consumer sentiment was improving while one-year inflation forecast fell to the lowest level in January since early 2021.
Investors keenly await cues from a key Bank of Japan (BOJ) policy meeting this week amid speculation that the Bank of Japan might shift away from its ultra-easy monetary policy.
The material has been provided by InstaForex Company – www.instaforex.com
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