Gold prices ticked down in light trade Monday, pressured by a stronger dollar, as investors assessed the path ahead for interest rates.
The dollar index edged up, making bullion less attractive for buyers holding other currencies.in their first comments since the central bank held the policy interest rate steady at its meeting last week.
"Gold has spent the majority of June between $1,935-$1,970, and with no obvious catalyst on the horizon, traders prefer to trade the ranges and not fully commit to a breakout," said Matt Simpson, senior market analyst at City Index.Bullion posted a small weekly fall last week as traders ramped up bets for a July rate hike following theAlthough gold is considered a hedge against inflation, interest rate hikes raise the opportunity cost of holding non-yielding bullion.
Traders are now pricing in an about 72% chance of Fed rate hike in July, according to the CME Fedwatch tool. "Near term, the risk of another one or two more Fed rate hikes can dim the appeal of gold, but to put in perspective, the Fed is closer to the end of the tightening cycle," said OCBC FX strategist Christopher Wong.
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