© Reuters. Gold bars are displayed in Mandresio, Switzerland, on July 13, 2022. Photo: Dennis Balibauz/Reuters.
(Reuters) – It fell on Monday, as investors await US economic data this week that may affect the future policy of the Federal Reserve (US Central Bank), but the decline in the dollar limited the losses of the yellow metal.
And the price fell 0.2 percent to 1922.58 dollars an ounce by 0914 GMT. Gold had jumped to its highest level since April 2022 on Friday.
US gold futures also fell 0.2 percent to $1,924.10.
It fell 0.3 percent, which makes gold priced in US dollars attractive to holders of other currencies.--
“Gold is still at a strong level despite retreating from last week’s peaks,” said Michael Hewson, senior market analyst at CMC Markets. “It may gain more momentum with the end of the central bank meetings scheduled for next week.”-
Investors are awaiting the US GDP growth report for the fourth quarter on Thursday and US personal spending data on Friday before the Federal Reserve meeting scheduled for January 31 and February 1.
As for other precious metals, the spot price fell 0.9 percent to $23.73 an ounce, platinum fell 0.2 percent to $1,041.75 and rose 0.3 percent to $1,731.57.
(Reporting by Ahmed Sobhi and Yasmine Hussein for the Arabic Bulletin – Edited by Marwa Gharib)