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- Gold traded at 1 week lows
Gold traded at 1 week lows
Gold prices fell to a more than one-week low on Monday, as a stronger dollar weighed on the metal and investors awaited a meeting from the Federal Reserve later this week, says Dow Jones.
Spot gold fell by 0.43% to $1,230.60 a troy ounce in midmorning trade in Europe, the lowest price since Feb. 3.
On Monday, the WSJ Dollar Index, which weighs the dollar against a basket of other currencies, was up 0.08%. A stronger dollar is often bearish for gold and other dollar-denominated commodities, because it makes the metal more expensive for investors who hold other currencies.
Investors were waiting for comments from Federal Reserve Chairwoman Janet Yellen on Tuesday and Wednesday. However, a rate increase isn't expected until June, according to Fed fund futures tracked by CME.
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