KONTAN.CO.ID - NEW YORK. Gold prices declined on Monday weighed down by an uptick in U.S. Treasury yields, with investors awaiting minutes of the Federal Reserve's last meeting for cues on the central bank's interest rate path. Spot gold was down 0.7% to $1,966.39 per ounce as of 1432 GMT (0932 ET), after rising as high as $1,993.29 on Friday. U.S. gold futures fell 0.8% to $1,968.40. "Technically we've seen gold hit resistance and is back to range bound trading with somewhat higher rates as a catalyst here," said Bart Melek, head of commodity strategies at TD Securities.
Gold Loses Footing as Focus Turns to Fed Minutes
KONTAN.CO.ID - NEW YORK. Gold prices declined on Monday weighed down by an uptick in U.S. Treasury yields, with investors awaiting minutes of the Federal Reserve's last meeting for cues on the central bank's interest rate path. Spot gold was down 0.7% to $1,966.39 per ounce as of 1432 GMT (0932 ET), after rising as high as $1,993.29 on Friday. U.S. gold futures fell 0.8% to $1,968.40. "Technically we've seen gold hit resistance and is back to range bound trading with somewhat higher rates as a catalyst here," said Bart Melek, head of commodity strategies at TD Securities.