Bullion prices traded in a tight range on Monday, struggling to reclaim recent highs as the dollar exerted pressure, offsetting hopes of U.S. rate cuts.
Spot gold was last quoted at $2,165.60 an ounce by 07:00 GMT, well off last week’s record peak of $2,210 (XAU/USD). The dollar index (DXY) climbed to a one-month high, weighing on the precious metal’s appeal.
Berto Tordecilla
Investors await key U.S. inflation data and comments from Federal Reserve officials this week for further cues on the central bank’s monetary policy path. While dovish Fed signals initially propelled gold to new record highs, subsequent dovish pivots by other major central banks drove a flight to the high-yielding greenback.
Gold’s trading range remains confined between $2,150 and $2,195, with a decisive break below the lower bound potentially signalling deeper losses. Persistent dollar strength and hawkish Fed rhetoric pose downside risks for the yellow metal in the near term.
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