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• Gold prices extended losses into afourth session on Monday, with the dollar remaining supported asinvestors expect the U.S. Federal Reserve to raise interestrates this week.
• Spot gold was down percent at per ounceat GMT, after falling percent last week.0.1$1,311.70 04020.8
U.S. gold futures for April delivery dropped 0.1 percent to $1,311.60 per ounce.
• "I think the overall economic recovery is good enough forthe (U.S.) central bank to consider a faster pace ofnormalization of monetary policies," said Mark To, head ofresearch at Hong Kong's Wing Fung Financial Group.
• A two-day Federal Open Market Committee (FOMC) meetingbegins on Tuesday, with the U.S. central bank expected to hikeinterest rates for the first time this year.
• "It is somehow expected and is already priced in the marketso I stick to my prediction that precious metals, with goldincluded, are going to have range-bound trading, unlesssomething really surprising happens," said To.
• With a basis point rate hike seen as a done deal, one keyfocus is on whether Fed policy makers forecast four rate hikesthis year instead of the three they had projected at Decembermeeting.25
• Gold is highly sensitive to rising U.S. interest rates,becoming less attractive to investors as it does not bearinterest.
• The dollar held steady against a basket of major peers onMonday as traders braced for the Fed meeting and as theincreased threat of trade protectionism kept markets on edge. The dollar index was up 0.1 percent at 90.283. On Friday, it hit a two-week high near 90.38, following strong U.S. economic data.
• "Potential market headwinds from the underlyingsusceptibility) to risk-appetite, heightened (geo)politicaltensions, inflation concerns, Russia tensions, to name a few,could help keep the floor on gold prices in check," StephenInnes, APAC trading head at OANDA, said in a note. (
• Gold speculators cut their net long position by contracts to contracts, according to the U.S. CommodityFutures Trading Commission (CFTC) data. This was the smallestnet long position since early January.16,153 145,659
• Among other precious metals, silverwas down percent at per ounce and palladiumfell percent to per ounce. 0.1$16.29 0.4 $990.90