Today's Edition
(REUTERS)
Gold prices fell in low market liquidity on Monday as key markets in the US and Asia were shut for holidays, while a firm dollar put pressure on bullion.
Spot gold fell 0.9% to $4,997.77 per ounce by 1318 GMT, after losing more than 1% earlier in the session.
US gold futures for April delivery lost 0.6% to $5,018.70 per ounce.
"Gold is range-trading around $5,000/oz in a week with lower liquidity due to holidays," said UBS analyst Giovanni Staunovo.
US markets were closed for Presidents Day, while markets in China and several other countries in Asia were closed for the Lunar New Year.
The dollar edged higher, making greenback-priced bullion more expensive for holders of other currencies. Recent US economic data painted a mixed picture for Federal Reserve interest rate cuts, as US consumer prices increased less than expected in January, while job growth unexpectedly accelerated in the same month.
Federal Reserve Bank of Chicago President Austan Goolsbee said on Friday that interest rates could go down, but noted that services inflation remained high.
Market participants anticipate the US central bank will keep rates steady at its next meeting on March 18.
Non-yielding bullion tends to do well in low-interest-rate environments. On the geopolitical front, Iran is pursuing a nuclear agreement with the US that delivers economic benefits for both sides, an Iranian diplomat was reported as saying on Sunday.
Meanwhile, spot silver lost 0.5% to $77.01 per ounce after a 3% drop earlier. The metal rose 3.4% on Friday."
Spot platinum slipped 1.9% to $2,023.51 per ounce, while palladium shed 0.5% at $1,694.06.
