And it’s trending Dollar To extend his gains making gold More expensive for holders of other currencies.
Strong US economic data on inflation continues to reshape the debate among Fed policymakers Federal (The US Central Bank) on the pace of interest rate cuts and the extent to which they can be reached at a time when investors are lowering their expectations for a cut in interest rates at the central bank’s meeting in December.
At least seven Fed officials are scheduled to speak this week. Traders are awaiting further signals regarding interest rate cuts.
High interest rates increase the opportunity cost of holding non-yielding gold.
Data on Friday showed that US retail sales increased slightly more than expected in October, indicating that the economy started the fourth quarter strong.
Update prices
Gold rose in instant transactions 0.4 percent to $2,571.11 per ounce by 0041 GMT, after hitting the lowest level in two months last week. Gold recorded its largest weekly decline in more than three years on Friday.
US gold futures rose 0.2 percent to $2,575.70.
As for other precious metals, silver rose in spot transactions by 0.6 percent to $30.39 per ounce. Platinum rose 0.6 percent to $944.57. Palladium also increased 1.7 percent to $966.66, according to Reuters data.
