Gold Falls From a Week’s Peak as The Dollar Rises

Gold prices retreated from their highest level in a week on Monday, August 16 with the dollar’s rise, but easing concerns about the US Federal Reserve’s early cut in stimulus policies, and fears of an outbreak of the Delta strain contributed to the price of the yellow metal remaining near a week’s peak.

spot gold prices fell 0.3% to $1,774 an ounce, after hitting earlier its highest since August 6 at $1,782.40.

US gold futures fell 0.1% to $1,776.70.

The dollar index rose 0.1% after disappointing monthly activity data from China.

Gold jumped 1.5% on Friday after data showed that consumer confidence in the United States fell sharply in early August to its lowest level in a decade, allaying investor concerns about the Federal Reserve ending its stimulus policies.

Investors are now looking forward to the minutes of the Federal Reserve’s July meeting, which will be released on Wednesday, as well as the comments of its Chairman, Jerome Powell, on Tuesday, which are set to shed more light on US monetary policy.