Prices of gold plunged on Monday ahead of the US Federal Reserves speeches this week. However, the weak dollar averted further losses.
As the dollar was disappointingly low, the gold futures leapt by 0.66% to $1,671.75 at 6:08 AM GMT (1:08 AM ET).
Reportedly, investors are keenly looking forward to the appearance Jerome Powell, chairman Fed before the US Congress in this week. He will be addressing the questions on the approach of the Fed to counter inflation.
Besides, other committee members of federation and speakers like Mary Daly, Lael Brainard, Charles Evans, John Williams, Raphael Bostic, Lael Brainard and James Bullard have got schedules ready to deliver their speeches.
Interestingly, a sudden rise of coronavirus cases in Europe also capped losses.