Gold settled modestly higher on Monday, but the metal’s gains were capped as the dollar seesawed between negative an positive territory. U.S. gold futures finished the session $3.40 higher at $1,219.80 an ounce. Spot gold was last down 0.2 percent to $1,217 an ounce. Cash prices had reached a nine-month low of $1,206.85 on Thursday, before recovering slightly.
The dollar was unchanged against a basket of major currencies and still close to a four-year peak hit earlier in the day as the market looked ahead to a series of important economic data, culminating in the release on Friday of U.S. September non-farm payrolls.
The bigger impact on gold prices could still come from U.S. data as market players seek to gauge the strength of the economy and its impact on Federal Reserve policy.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.