WASHINGTON (dpa-AFX) - Gold futures settled lower on Monday as the dollar advanced on bets the Federal Reserve will hold interest rates higher for longer duration to control inflation.
The dollar index climbed to 103.46 around mid morning before paring some gains. The index was last seen at 103.00, up nearly 0.2% from the previous close.
The dollar gained and bond yields moved higher as Friday's data 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.
Gold futures for December ended lower by $2.60 at $1,944.00 an ounce.
Silver futures for September ended down $0.035 at $22.708 an ounce, while Copper futures for September settled at $3.7255 per pound, gaining $0.0065.
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.
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