Gold prices fell today, Monday, due to a rise in the dollar, which increases the cost of the metal for holders of other currencies. However, investors are largely betting on the Federal Reserve (the U.S. central bank) halting its interest rate hike cycle.
Gold in spot transactions decreased by 0.1% to $1952.35 per ounce by 06:58 GMT. U.S. futures for gold also fell by 0.4% to $1956.20.
As for other precious metals, silver in spot trading dropped by 0.7% to $24.76 per ounce, platinum fell by 0.6% to $965.39, and palladium decreased by 0.8% to $1261.47.
The dollar rose from its lowest levels since April 2022, as traders awaited economic data and monetary policy decisions.
Matt Simpson, senior market analyst at City Index, stated: "The upward trend that gold started after the Consumer Price Index has paused for breath, leaving the door open for a potential price correction driven by technical factors to the area between $1940 and $1950."
U.S. data from last week indicated a slowdown in the pace of inflation, with consumer prices increasing at the slowest rate in over two years.
