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Gold prices surged to a six-month high on Monday as the dollar remained subdued amid bets the Federal Reserve is down with interest rate hikes as inflation is cooling down, and recent data show the economy is slowing a bit.
The dollar index dropped to 103.21 in the New York session, and despite emerging above the flat line subsequently, dropped to 103.33, recording a marginal loss.
Gold futures for February, the most active futures contract, ended up $9.50 at $2,033.00 after climbing to a high of $2,039.40 an ounce earlier.
Silver futures for December ended higher by $0.340 at $24.681 an ounce, while Copper futures for December settled at $3.7580 per pound, down $0.0310 from the previous close.
"Gold has got the week off to a strong start, up around half a percent and hitting a six-month high. We're still seeing some push back though but this break has been backed by softer US data in recent weeks and less hawkish commentary from the Fed," says Craig Erlam, Senior Market Analyst at OANDA, UK & EMEA.
After the November FOMC minutes revealed a cautious approach to future rate hikes, traders now await U.S. reports on new home sales, consumer confidence, pending home sales and manufacturing activity this week for additional clues about the outlook for growth and interest rates.
The Commerce Department's report on personal income and spending may be in the spotlight, as it includes readings on inflation said to be preferred by the Federal Reserve.
The Fed's favored measure of inflation is expected to slow to its lowest since mid-2021, reinforcing investor optimism that the Fed is done hiking interest rates.
The U.S. GDP second estimate for the third quarter is set to be released on Wednesday.
The Beige Book, a compilation of anecdotal evidence on economic conditions in each of the twelve Fed districts, along with remarks by several Federal Reserve officials, including Chair Jerome Powell's speech on Friday, could impact the asset markets.
Data released by the Commerce Department today showed new home sales in U.S. pulled back sharply in the month of October after soaring in September.
The report said new home sales plunged by 5.6% to an annual rate of 679,000 in October after spiking by 8.6% to a downwardly revised rate of 719,000 in September.
Economists had expected new home sales to tumble by 4.5% to a rate of 725,000 from the 759,000 originally reported for the previous month.
