Gold prices rose on Monday after last week's sharp declines, as a rally in the dollar paused, while market participants awaited comments from Federal Reserve officials this week for more clues on the U.S. interest rate path.
Gold prices rose on Monday after last week's sharp declines, as a rally in the dollar paused, while market participants awaited comments from Federal Reserve officials this week for more clues on the U.S. interest rate path.
Spot gold firmed 1% to $2,587.49 per ounce by 0150 GMT, after falling to its worst week in more than three years on Friday.
"Gold prices are due for a slight recovery following recent bout of hefty sell-offs and we may expect some drift higher with some rollover in the dollar," said IG market strategist Yeap Jun Rong.
This has not been fully priced in by markets yet, so any need for recalibration may still pose an obstacle for gold."
Persons:
Yeap Jun Rong, Joe Biden's
Organizations:
Federal Reserve, Fed, Strong U.S
Locations:
U.S, Ukraine, Russia