WASHINGTON (dpa-AFX) - Gold futures settled lower on Monday, extending losses to a fourth straight session, despite a weak dollar.
The dollar weakened and treasuries rose as investors weighed the implications of U.S. President Joe Biden's exit from the presidential election race.
Investors are likely to shift their focus to a report on personal income and spending in June later in the week. The data could have a significant impact on the outlook for interest rates as it includes readings on inflation said to be preferred by the Federal Reserve.
The dollar, which was down at $104.20 in the European session, recovered to 104.42 around late morning before easing to 104.30, netting a loss of nearly 0.1%.
Gold futures for July ended down $3.50 or about 0.15% at $2,392.00 an ounce.
Silver futures for July settled higher by $0.036 or 0.12% at $29.124 an ounce, while Copper futures dropped to $4.1510 per pound, down $0.0680 from the previous close.
Biden decided to quit the race on Sunday and endorsed his Vice-President Kamala Harris for the Democratic nomination.
'The market appears to have welcomed Joe Biden's withdrawal from the presidential race,' said Dan Coatsworth, investment analyst at AJ Bell.
'However, there is still a lot of uncertainty until the new Democratic candidate is confirmed,' he added. 'That means we could see heightened volatility over the next few weeks, with assets quickly changing direction depending on the latest comments from Washington.'
In China, the nation's central bank cut its short-term policy rate as well as benchmark lending rates in order to prop up growth. The bank cut the interest rate on seven-day reverse repos to 1.7% from 1.8%, in order to prop up growth.
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