Gold prices remained steady on Monday’s opening bell as the U.S. dollar edged off to its nine-month low it touched on the previous week due to indications of monetary policy normalization by a number of central banks. This is just ahead of Independence Day holiday in the United States.
The U.S. dollar hovered to its decline for nine months versus its major opposing currencies as the session on the day begins. However, it’s still unsteady due to projections that central banks in Europe were slightly fading from accommodative monetary stimulus supported rivals like the British pound and euro.
According to government figures released last Friday, sales of U.S. Mint American Eagle gold coins in the first and second quarter of this year were considered the weakest for this period in over 10 years. Meanwhile sales of silver in the period were the lowest since 2008.
Looking on prices, U.S. gold futures dropped about 0.1 percent to settle at $1,240.80 an ounce for its August delivery and Spot gold traded close to the flat line and finishes at $1,241.04 an ounce. Spot recently experienced its first monthly decline this 2017 as it fell more than 2 percent last month.
Sibanye Gold, a producer of precious metals in South Africa, said last Friday that it would continue production this Monday at its strike-hit Cooke mine. The prior mine has been suffering from declines between production disruptions and illegal mining.
The biggest gold-backed exchange-traded fund in the world, the SPDR Gold Trust, was 0.14 percent lower to 852.50 tonnes last Friday, lower compared to the previous day with 853.68 tonnes.