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Gold prices retreated from a week-long high on Monday, with the dollar slightly higher, although weaker U.S. consumer confidence allayed some concerns about the anticipated end of the Reserve’s stimulus policies federal.
And at 6:46 a.m. GMT, gold fell 0.3% in immediate trades to $ 1,773.12 an ounce (one ounce), after hitting its highest level since August 6 at $ 1,782.40. US gold futures fell 0.1% to $ 1,775.80.
The dollar index rose about 0.1%, after hitting its lowest level in a week in the previous session.
Gold jumped 1.5% on Friday after data showed that consumer confidence in the United States fell sharply in early August to its lowest level in a decade, calming investor fears about the end of the Federal Reserve to its stimulus policies.
Investors are now eagerly awaiting the minutes of the Fed’s July meeting, which comes out on Wednesday, and the remarks of its chairman, Jerome Powell, on Tuesday. Monthly retail sales data in the United States should also give more clues to consumer confidence.
As for other precious metals, silver fell 0.9% to $ 23.53 an ounce.
Platinum fell 1.6% to $ 1,010.24, while palladium fell 0.6% to $ 2,634.82.
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