WASHINGTON (dpa-AFX) - Gold prices fell more than 1 percent on Monday after last week's surge to a 20-month high.
Spot gold was down 1.4 percent at $2,674.74 per ounce in European trade despite a slide in the U.S. currency. U.S. gold futures were down 1.3 percent at $2,700.80.
The dollar eased and bond yields dipped after U.S. President-elect Donald Trump picked hedge fund billionaire Scott Bessent as his Treasury Secretary, raising optimism he would recommend 'tariffs be layered in gradually'.
He has advocated, in a Bloomberg interview, for the U.S. to grow its way out of large debts and, in the Wall Street Journal for tax reform and deregulation, particularly to spur bank lending and energy production.
Investors are also focused on the outlook for monetary policy as Trump begins assembling his Cabinet and administrative team ahead of the upcoming Jan. 21 inauguration.
This week's U.S. economic calendar includes readings on consumer price inflation preferred by the Federal Reserve and the minutes of the latest Fed meeting along with reports on durable goods orders, new home sales and weekly jobless claims.
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