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• Gold fell early on Monday after hitting its highest level in over a year in the previous session, as the dollar recovered from last week’s lows and as lack of geopolitical developments dented safe-haven appeal.

Spot gold was down 0.7 percent at $1,337.61 an ounce by 0357 GMT. It rose to $1,357.54 on Sept. 8, the highest since Aug. 16, 2016.

U.S. gold futures for December delivery were also down 0.7 percent at $1,341.70 an ounce.

• “The major determinant of gold last week was actually geopolitical tensions, but over the weekend, we did not see any crisis triggering event so we’re going to have less chances for gold prices in the upward direction,” said Mark To, head of research at Hong Kong’s Wing Fung Financial Group.

“I would go long on the dollar for one week or so, but not for too long because the major determinants, the geopolitical tensions, are still with us and the slowing of interest rate hikes and other tightening measures are going to be with us as well,” To said.

• Federal Reserve policymakers are expected to discuss balance sheet shrinkage at their next meet from Sept. 19 to 20 in Washington and are widely expected keep interest rates unchanged.

• Spot gold may break a support at $1,332 per ounce and fall more to the next support at $1,317, said Reuters technical analyst Wang Tao.

• Speculators raised their net long position in COMEX gold for the eighth straight week to the highest in nearly a year in the week to Sept. 5.

• In other precious metals, silver was down 0.5 percent to $17.84 an ounce after touching its highest since April in the previous session.

Reference: Reuters