Gold prices rose more than 1% on Monday, within recovery attempts from a 2-month low, on the cusp of the first gain in 7 days, as the US Treasury bond yields fell after some remarks by a Fed member. 

Gold prices rose 1.2% to $1,785.77 an ounce, after opening at $1,764.3, and hit a low of $1,764.3.

Gold closed lower by 0.5% on Friday, and fell to a 2-month low at $1,760.80, as the US dollar rallied against its peers.

Gold lost 6% last week, in the third straight weekly loss, and the largest since March 2020, after the Federal Reserve raised interest rates and inflation expectations.

The 10-year US Treasury yield fell 6.0% today, hitting a 4-month low of 1.354%.

Minneapolis Federal Reserve President Neel Kashkari said on Friday he wants to keep the interest rate near zero at least until the end of 2023 to allow the labor market to return to its pre-pandemic strength.

Gold stocks at the SPDR ETF rose 11.07 metric tonnes on Friday, with the total at the highest level since March 11 at 1,053.06 metric tonnes.

USD/JPY tilted lower in Asian trade off early April highs, marking week lows amid a lack of data from both Japan and the US today.

As of 06:52 GMT, USD/JPY fell 0.37% to 109.83, marking the lowest since June 14 at 109.72, with a session high at 110.28. 

Bank of Japan voted last week to maintain interest rates at minus 0.10%, while committing to maintain 10-year government bond yields at zero.

The Japanese government also announced an end to the emergency state imposed on Tokyo and multiple other cities as the country prepares to welcome the Olympiads after a delay from last year due to Covid 19. 

The World Health Organization reported 177.11 million global Covid 19 infections so far, with the death toll mounting to 3.840 million.

Federal Reserve Bank of New York President John Williams is due to speak at a webinar hosted by the Midsize Bank Coalition of America later today. 

Last week, the US Federal Reserve decided to hold the interest rate between zero and 0.25% unchanged, and addressed the recent rise in inflation according to the recent economic data, as the Fed officials see that the rise in consumer prices is temporary.

The FOMC stated that it expects 2 interest rate hikes in 2023, and raised its forecast for US GDP growth this year to 7% from 6.5% in March.

Euro fell in European trade for the third straight session against dollar to two-month lows on track for the largest weekly profit this year as investors buy up the greenback as a safe haven following Fed data, which paved the way for faster policy tightening in the US.

EUR/USD fell 0.2% yo 1.1885, the lowest since April 13, after closing down 0.7% yesterday, the second loss in a row.

Euro is down 1.8% so far this week against dollar on track for the third weekly loss in a row, and the largest this year. 

Dollar demand surged after Fed's meeting, which paved the way for earlier policy tightening and raised estimates for inflation and growth in the US. 

The Fed also changed its estimates for the first rate hike to 2023 while pointing to improved economic health in the country and steady path to inflation and employment targets. 

June forecasts point to a 0.6% interest rate in 2023, meaning two rate hikes in 2023, with 13 members now expecting hikes in 2023 compared to 7 before. 

The Fed also raised inflation forecasts to 3.4% in 2021 from 2.4% in March, and raised growth forecasts to 7% this year from 6.5% in March.

US stock indices closed mostly lower on Thursday, except for Nasdaq, as the impact of the US Federal Reserve's statements is still lingering, in addition to the release of weak economic data.

The US Federal Reserve decided to hold the interest rate between zero and 0.25% unchanged, and addressed the recent rise in inflation according to the recent economic data, as the Fed officials see that the rise in consumer prices is temporary.

The FOMC stated that it expects 2 interest rate hikes in 2023, and raised its forecast for US GDP growth this year to 7% from 6.5% in March.

The US Department of Labor revealed that the number of initial unemployment claims rose to a month high 412K last week from 375K, while analysts forecast 360K.

To the oil market, WTI crude July futures fell 1.5% or $1.1, and closed at $71.04 a barrel, after hitting a high of $72.3 and a low of $70.9.

Brent August futures fell 1.8% or $1.31, and closed at $73.08 a barrel, after hitting a high of $74.5 and a low of $72.4.

As for stocks, Dow Jones fell 0.6% or 210 points, and closed at 33,823, with a day high of 34,091, and a low of 33,626.

Nasdaq rose 0.8% or 121 points to 14,161, with a high of 14,196 and a low of 13,998.

S&P 500 fell 0.1% or 2 points to 4,221, after hitting a high of 4,232 and a low of 4,196.