Picture used for illustrative purpose. File
Gold prices erased earlier gains to trade lower on Monday due to an uptick in the dollar, while investors looked to Federal Reserve policymakers' speeches this week for signals on their approach to inflation.
Spot Gold eased 0.1% to $1,947.19 per ounce by 0810 GMT. US Gold futures fell 0.5% lower to $1,953.
The dollar index bounced up 0.1% against its rivals, making Gold more expensive for holders of other currencies.
Investors are now awaiting speeches by Fed committee members, including Chairman Jerome Powell, who will appear before Congressional committees later this week.
"The focus on Jerome Powell will be how much he is going to try to sway the Senate to provide more stimulus," said Stephen Innes, chief market strategist at AxiCorp.
More stimulus in the United States could lead to a weaker dollar and that would be positive for Gold, he added.
Gold has surged about 29% this year as governments and central banks worldwide released unprecedented stimulus measures to revive their coronavirus-battered economies.
But rising economic concerns with resurgence of COVID-19 cases globally cushioned some of bullion's losses. Major European cities announced restrictions again, while worldwide cases crossed 30.78 million.
" Gold to trade range-bound between $1,930 and $1,970 during the week," said Jigar Trivedi, commodities analyst at Mumbai broker Anand Rathi Shares.
Development of a coronavirus vaccine and dollar strength could trigger a correction in Gold in the near term, he added.
Meanwhile, data from the Commodities Futures Trading Commission showed that speculators raised their net long position in COMEX Gold by 10,622 contracts to 165,251 in the week ended Sept. 15.
Among other precious metals, silver fell 0.5% to $26.62 per ounce, platinum rose 0.4% to $931.18 and palladium inched 0.1% higher to $2,358.48.Reuters
In the Indian futures market, the price of gold rose to a new high, while in the international market, it is at an almost seven-year high. Gold in India’s largest futures market,
The Japanese yen regained its footing on Friday after a bruising week, as the spread of coronavirus cases knocked down stocks and boosted demand for traditional safety plays from bonds to gold.
The Dubai Gold and Commodities Exchange (DGCX) has continued its record-breaking performance this year, registering its best quarter since inception with over 7.98 million contracts
The US economy grew at a record pace in the third quarter as the government injected more than $3 trillion worth of pandemic relief which fueled consumer spending, but the deep scars from the COVID-19 recession could take a year or more to heal.
Aircraft manufacturers are hit by the devastating impact of the coronavirus pandemic on the aviation industry. The number of global commercial aircraft orders was zero during the month of September.
Peugeot manufacturer PSA Group returned to revenue growth in its core autos division in the third quarter, recovering from a slump during coronavirus lockdowns, though the prospect of new restrictions hit French shares.
The Bank of Japan (BOJ) trimmed its economic growth and inflation forecasts for the current fiscal year (2020-21) on Thursday but offered a more upbeat view on the recovery outlook, signalling that it has delivered enough stimulus for the time being.