New York (Reuters)
Gold prices fell Monday as the dollar strengthened as investors tried to clarify whether the Federal Reserve (the US central bank) would ease monetary policy.
And the spot gold price fell 0.4% to $ 1650.77 an ounce by 0754 GMT, while U.S. gold futures fell 0.1% to $ 1653.80 .
Prices reached their highest level since October 14 at the start of the session after jumping 1.8% on Friday, the largest intraday gain since October 3.
This is partly due to expectations that some Fed officials are considering limiting the rapid pace of interest rate hikes. The dollar index rose 0.4%, reducing the attractiveness of US dollar-denominated gold to overseas buyers.
The Fed is still widely expected to raise interest rates by 75 basis points at its November meeting.
The price of silver on spot transactions fell 1.2% to $ 19.17 an ounce and palladium by 0.2% to $ 2014.13.
Platinum was up 0.2% to $ 933.75 an ounce, after peaking at the start of the session on August 15th.
