Gold retreats from its 5-month peak

Gold prices fell on Monday from the highest level in five months that they recorded in the previous session, with the dollar and US Treasury bond yields rising ahead of important economic data expected this week, while investors are looking for any indications of global repercussions of the conflict in the Middle East.

By 0552 GMT, gold in spot transactions fell 0.3 percent to $1,975.99 per ounce, and US gold futures fell 0.4 percent to $1,987.30.

On Friday, gold prices reached their highest levels since mid-May and rose by about nine percent over the past two weeks as investors sought safe investment havens amid fears that the war between Israel and Hamas would escalate into a broader conflict in the Middle East.

Aside from geopolitical developments, investors will be anticipating a range of economic data, including the Personal Consumption Expenditures Price Index, which is the Federal Reserve’s preferred inflation measure (the US central bank), the US GDP numbers for the third quarter, the European Central Bank’s decision on the interest rate, and preliminary indicators for managers’… Purchases around the world.

As for other precious metals, silver fell in spot transactions 0.4 percent to $23.25 per ounce, platinum fell 0.4 percent to $891.07, while palladium rose 0.3 percent to $1,100.84.