Gold prices fell as the US dollar rallied, with comments by Fed officials this week. The US central bank suspended its plans to raise interest rates in January, adding that it would adopt a policy of patience in raising interest rates.
The safe metal slipped on Friday after reaching its highest level in nine months in the previous session, but it still made a second weekly gain of 1.4%. The price of gold tends to fall when the value of the dollar increases, as the precious metal becomes more expensive in other currencies.
US stocks stabilized during today's trading
Wall Street shares traded little changed on pre-market trading on Monday, as investors expected earnings to be released by parent company Google Alphabet. Data on factory orders also come after the bell. Meanwhile, Chinese mainland and Seoul stock exchanges closed for the week for the Lunar New Year holiday.
- The Dow Jones Industrial Average, the Nasdaq 100 and the S & P 500 remained almost unchanged.
The dollar index, which measures the performance of the greenback against a basket of six currencies, rose 0.15% to 95.433. The euro also fell 0.11% against the dollar, selling at 1.14466
Gold Trading
- Gold futures for April delivery fell 0.41% to $ 1316.70 an ounce.
- The spot price of gold fell 0.41% to $ 1312.61 an ounce.
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