Gold dropped after hitting a 14-month high on Friday as upbeat economic data at the end of last week suggested that there wasn’t an urgent need for the Federal Reserve to cut interest rates.
Spot gold as much as -0.4% to $1,336.26/oz, and traded at $1,340.08 at 9:19am in Singapore. Prices rose to $1,358.26 on Friday, highest level since April 2018. Bloomberg Dollar Spot Index steady after +0.4% Friday.
U.S. stores and factories reported a pickup in activity last month, according to government figures released Friday. Still, earlier numbers for payrolls and inflation were less robust, which means that investors will be closely watching the Fed’s policy decision Wednesday for signals on where monetary policy is heading.
Source : Bloomberg