Gold edged settled lower on Monday, as the dollar eased, but prices were still not far from a three-week high after a surprise rate cut in China raised hopes that demand for bullion in the top consumer would increase.
China cut interest rates unexpectedly on Friday, stepping up efforts to support the world’s second-biggest economy, and could even be prepared to reduce them again, according to sources.
Spot gold was last down 0.2 percent at $1,198 an ounce. It hit a three-week high of $1,207.70 on Friday. U.S. gold futures ended $2.00 lower at $1,195.70 an ounce.
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