WASHINGTON (dpa-AFX) - Gold prices fell on Monday and the dollar extended gains against its global peers, as investors braced for a 75-100 bps rate hike by the U.S. Federal Reserve at the end of a two-day policy meeting on Wednesday.
Spot gold dipped 0.7 percent to $1,663.74 per ounce, while U.S. gold futures were down 0.8 percent at $1,670.85.
The Bank of England (BoE) meets on Thursday, with markets split on whether the central bank will raise rates by 50 or 75 basis points ahead of a mini budget to be unveiled by the new Chancellor of the Exchequer Kwasi Kwarteng on Friday.
The BoE meeting is delayed by a week after the death of Queen Elizabeth II.
The Bank of Japan is also meeting on Thursday with no change in interest rates expected.
The Swiss National Bank is likely to join the 75-basis-points rate hike club on Thursday to combat inflation.
Investors fear that aggressive rate hikes by major central banks could lead to a recession across the globe.
In economic news, Canada industrial product and raw materials price indexes for August and U.S. NAHB housing market index for September will be released in the New York session.
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