Gold prices slipped on Monday, as an
elevated dollar and prospects of an aggressive interest rate
hike by the U.S. Federal Reserve this week dented demand for
* Spot gold was down 0.2% at $1,722.84 per ounce, as
of 0110 GMT, after rising to a more than one-week high on
* U.S. gold futures fell 0.5% to $1,718.70 per ounce.
* The dollar rose 0.1% against its rivals, making
greenback-priced bullion more expensive for buyers holding other
* The U.S. central bank will conclude a two-day meeting on
Wednesday, and markets are pricing in a 75-basis-point rate hike
to combat soaring inflation.
* Although gold is seen as a hedge against inflation, rising
interest rates increase the opportunity cost of holding bullion.
* U.S. Treasury Secretary Janet Yellen said on Sunday that
the U.S. economic growth was slowing and she acknowledged the
risk of a recession, but she said a downturn was not inevitable.
* Last week, the European Central Bank joined its global
peers in the fight against soaring inflation as it raised
interest rates by 50 bps.
* The European Central bank will raise its interest rates
until inflation falls back to its 2% target, President Christine
Lagarde said in an interview with Germany’s Funke Mediengruppe
published on Friday.
* Spot silver was down 0.6% at $18.48 per ounce,
platinum dipped 0.6% to $868.62, and palladium
slipped 1.5% to $1,999.94.
0800 Germany Ifo Business Climate New July
0800 Germany Ifo Curr Conditions New July
0800 Germany Ifo Expectations New July
1000 UK CBI Business Optimism Q3
2350 Bank of Japan releases Minutes of Monetary Policy
Meetingheld on June 16 and 17
(Reporting by Brijesh Patel in Bengaluru; Editing by Subhranshu