WASHINGTON (dpa-AFX) - Gold futures settled lower on Monday, as the dollar climbed up ahead of the Federal Reserve's monetary policy announcement, due on Wednesday.
The dollar index climbed to 101.41, and despite dropping to 101.00 subsequently, recovered to 101.41, gainng about 0.25%.
Gold futures for August ended lower by $4.40 or about 0.2% at $1,962.20 an ounce, the lowest close since July 17.
Silver futures for September ended down $0.274 at $24.581 an ounce, while Copper futures for September settled at $3.8555 per pound, gaining $0.0375.
Recent encouraging inflation data has led to optimism this week's rate hike will be the last, and traders will be looking for confirmation from the Fed.
The Fed, scheduled to announce its policy on Wednesday, is widely expected to raise rate by 25 basis points. The bank's accompanying statement is eyed for hints on the central bank's future moves.
The European Central Bank and the Bank of Japan are slated to announce their monetary polices on Thursday and Friday, respectively.
The ECB is also expected to raise borrowing costs by 25 bps and reiterate its commitment to continue the current hiking cycle.
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