WASHINGTON (dpa-AFX) - Gold prices were flat to slightly lower on Monday, pressured by a firmer dollar and elevated bond yields as inflation and interest rate concerns returned to haunt investors.
Spot gold was little changed at $1,913.65 per ounce, while U.S. gold futures were down 0.1 percent at $1,945.50.
A strong U.S. dollar and higher U.S. Treasury yields weighed on bullion after data on Friday showed U.S. producer prices rose more than expected in July while consumer confidence dropped for the first time in 14 months, raising much uncertainty about the outlook for inflation and interest rates.
The producer price index rose 0.3 percent from the previous month following a revised unchanged reading in June and expectations for a reading of 0.2 percent.
The annual rate of producer price growth reaccelerated to 0.8 percent from just 0.2 percent in June, as cost of services increased.
Investors look ahead to a busy week of economic data, with Japanese inflation, China's industrial output numbers and U.S. reports on retail sales, industrial production and housing starts due this week.
The minutes of the latest Federal Reserve meeting will also attract investor attention later this week.
Copyright(c) 2023 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX