WASHINGTON (dpa-AFX) - Gold prices drifted lower on Monday as the dollar gained against other major currencies ahead of the Federal Reserve's monetary policy meeting.
The Fed, which is scheduled to meet on Tuesday and Wednesday, is widely expected to raise its interest rate by another 75 basis points - its fourth straight such hike - to rein in inflation.
The market will also keep a close eye on the Fed's statement to see if the central bank is considering slowing the pace of interest rate hikes.
The dollar index climbed to 111.67, gaining about 0.85%.
Gold futures for December ended lower by $4.10 or about 0.3% at $1,640.70 an ounce.
Gold futures shed about 1.9% in October, recording a seventh successive montly loss.
Silver futures for December ended the session with a loss of $0.028 at $19.119 an ounce, while Copper futures for December settled at $3.3750 per pound, down $0.0540 from the previous close.
A report from the Institute for Supply Management (ISM) showed the Chicago PMI in the U.S. dropped to 45.20 points in October from 45.70 points in September of 2022. The reading was the lowest since June of 2020.
The monetary policy meetings of the Bank of England and the Reserve Bank of Australia are also scheduled to take place later this week.
The BoE is expected to raise rates by 75 basis points, and the RBA is likely to announce an increase of 25 basis points.
Copyright(c) 2022 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2022 AFX News
