Gold prices drifted lower on Monday as the US dollar strengthened, while market participants awaited fresh cues on the Federal Reserve’s monetary policy path.

Spot gold fell 0.4% to $2,646.75 per ounce after rising 1% in the previous session. US gold futures lost 0.5% to $2,663.90.

The dollar index edged up 0.2%, making bullion less attractive for other currency holders.

Data on Friday showed that US producer prices were unchanged in September, pointing to a still-favorable inflation outlook and supporting views that the Fed would cut interest rates again next month.

Investors will also keep an eye on the US retail sales data due later this week for further cues on rate outlook.

Spot silver edged 1% lower to $31.21 per ounce. Platinum fell 0.9% to $976.20 and palladium slipped 2.1% to $1,045.87.

Source: Qatar News Agency