WASHINGTON (dpa-AFX) - Gold prices retreated from a three-month high on Monday, as the U.S. dollar strengthened and bond yields climbed on hawkish comments from a top Federal Reserve official.
Spot gold fell 0.8 percent to $1,758.14 per ounce, while U.S. gold futures were down 0.4 percent at $1,761.80.
Gold prices saw their biggest weekly percentage gain since March 2020 last week as weaker-than-U.S. inflation data helped raise hopes that the Federal Reserve could be less hawkish on rate hikes in the coming months.
However, Federal Reserve Governor Christopher Waller said on Sunday that financial markets may have overreacted to the October inflation print.
The U.S. Federal Reserve may consider slowing the pace of rate increases at its next meeting but the 'end point' of rate increases is likely still 'a ways off,' Waller said.
Traders were also digesting the unfolding U.S. midterm election results. The fate of the U.S. House of Representatives remains still uncertain as Republicans struggled to pull together a slim majority.
The control of the Senate hinges upon the outcome of three states namely Arizona, Nevada, and Georgia.
In economic releases, this week's U.S. economic calendar includes reports on producer prices, import and export prices, retail sales, industrial production, housing starts and existing home sales.
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