Gold prices are falling and the dollar’s decline limits losses

Gold prices fell on Monday, as investors await US economic data this week that may affect the Federal Reserve’s policy in the future, but the decline in the dollar limited the losses of the yellow metal.

The spot gold price fell 0.2 percent to $1922.58 an ounce by 0914 GMT. Gold had jumped to its highest level since April 2022 on Friday.

US gold futures also fell 0.2 percent to $1,924.10.

The dollar index fell 0.3 percent, which makes gold priced in US dollars attractive to holders of other currencies.

Investors are awaiting the US GDP growth report for the fourth quarter on Thursday and US personal spending data on Friday before the Federal Reserve meeting scheduled for January 31 and February 1.

As for other precious metals, the spot silver price fell 0.9 percent to $23.73 an ounce, platinum fell 0.2 percent to $1,041.75, and palladium rose 0.3 percent to $1,731.57.