WASHINGTON (dpa-AFX) - Gold prices fell on Monday after having climbed 1.8 percent in the previous session on hopes that the U.S. Federal Reserve could slow its pace of interest rate hikes early next year.
Spot gold dipped half a percent to $1,649.3 per ounce, while U.S. gold futures were down 0.2 percent at $1,653.45.
The dollar stayed strong as suspected BoJ intervention gave only brief respite to the Japanese yen.
Treasury yields held steady after San Francisco Federal Reserve Bank President Mary Daly said Friday that the central bank should avoid putting the economy into an 'unforced downturn' by raising interest rates too sharply. She added that the Fed is nearing a point where it should slow rate hikes.
Separately, Chicago Federal Reserve Bank President Charles Evans said the interest rate increases should be put on hold at a little above 4.5 percent.
As recession risks mount, the inflation reading contained in the personal income and spending report along with other reports on consumer confidence, new home sales and durable goods orders may be in the spotlight this week.
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