WASHINGTON (dpa-AFX) - Gold futures settled higher on Monday, recovering after posting losses in the previous two sessions, as the dollar stayed somewhat subdued.
The dollar eased from a 12-week high as investors weighed U.S. Federal Reserve's hawkish stance on interest rates against the darkening economic outlook.
The dollar index dropped to 103.98 in the Asian session, and despite recovering to 104.21 subsequently, retreated again and was last seen at 104.04, down marginally from the previous close.
Gold futures for December ended higher by $6.90 or about 0.4% at $1,946.80 an ounce.
Silver futures for September ended up $0.018 at $24.252 an ounce, while Copper futures for December ended higher by $0.0080 at $2.3920 per pound.
Investors also noted the comments from two Fed officials last week that the central bank is nearing the end of its rate-hiking cycle.
Incremental rate hikes may be required but we may be very near a place where we can hold for a substantial amount of time, Boston Fed president Susan Collins said on Thursday.
Separately, Philadelphia Fed president Patrick Harker indicated that the Fed should keep interest rates at the current level while it assesses the impact on the economy.
Elsewhere in Europe, ECB President Christine Lagarde on Friday emphasized that policy needed to be restrictive.
U.K. interest rates are expected to peak at 5.5% next month as Bank of England policymakers try to minimize the impact of higher borrowing costs on the housing market.
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