Gold prices slip in lower positions as investors traded with caution as the U.S. data is set to be released this week and a strong market session for Asian stocks also weighed down the market.
Investors will keep an eye on the U.S. data including June Consumer Confidence, pending home sales crude oil inventories and a revised first quarter report of the country’s GDP, investors will be looking for any signs of softness that could push back the rate hike expectations.
The Fed Chair, Yellen is set to speak on Tuesday and could shed some light to where the market is heading.
The dollar drifter on Monday as U.S. treasury yields stayed low amid the fading expectations that the Federal Reserve will hike interest rates again later this year.
Gold price is highly susceptible to rising rates because rates tend to push opportunity of holding non-yielding assets such as Bullion, while boosting the dollar, in which it is priced.
Spot Gold fell by 0.2 percent and was sold at @1,254.00 per ounce, which is not far from its one-week peek hit on Friday. While U.S. Gold prices for August futures fell by 0.1 percent and was traded at $1,255.2 per ounce.
Aside from Gold, other precious metal was seen in the market with little change, Silver traded almost flat at $16.69 per ounce. Platinum was also flat and was sold at $925.60 per ounce.
Palladium was up by one percent and was sold at $860.50 per ounce.