WASHINGTON (dpa-AFX) - Prices of the yellow metal gained on Monday amidst a general weakness in the greenback.
The Dollar Index (DXY), a measure of the Dollar's relative strength against a basket of six currencies has shed 0.04 percent overnight to 103.33. The day's range was between a low of 103.14 and a high of 103.47. The index had touched a high of 103.68 on Thursday, after a gap of more than 2 months.
Fears over monetary policy however linger ahead of the central bankers meeting at Jackson Hole, Wyoming, later in the week. Minutes of the FOMC released a few days earlier had shown the Fed to be persistent in its focus on inflation combat.
The CME FedWatch tool currently shows a probability of 11.5 percent for a rate hike of 25 basis points in the review due on September 20. The probability for a quarter-point rate hike in November is however higher at 35.5 percent.
Gold Futures for December settlement has moved 0.08 percent higher to trade at $1,918.05. The day's trading range has been between $1,913.65 and $1,927.75.
Spot Gold added 0.02 percent to trade at $1,889.87 per troy ounce. The day's trading range has been between $1,889.72 and $1,890.01.
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