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Gold pulls back from 3-week high on rising dollar
Gold prices fell on Monday, on track for the first daily loss in 3 days, and pulled back from a 3-week high weighed down by corrections and profit-taking and rising US dollar.
Gold prices fell more than 0.5% to $1,798.60 an ounce, after opening at $1,808.03, and a high at $1,810.86.
Gold gained 0.3% on Friday, the eighth straight daily gain in the longest daily gains streak since July 2020, after it hit a 3-week high at $1,818.38 on Thursday.
Last week, gold gained 1.2%, and posted its third straight weekly gain thanks to the US 10-year Treasury bond yield's sharp drop.
The dollar index rose 0.25% today, to head for the first daily gain in 3 days against a majority of rivals, which weighs down on gold and other dollar-denominated metals prices.
The greenback's rebound come as the upcoming US consumer price data and the Jerome Powell's testimony this week are expected to raise the odds of the Federal Reserve to tighten monetary policy soon.
Gold stocks at the SPDR ETF remained unchanged on Friday, with the total at the lowest level since June 7 at 1,040.19 metric tonnes.
Euro under pressures from US inflation forecasts
Euro fell on Monday against dollar, resuming the losses after a two-day hiatus, with the greenback boosted by inflation forecasts in the US and an upcoming testimony by Fed Chair Jerome Powell.
EUR/USD fell 0.2% yo 1.1856, after rising 0.3% on Friday. the second profit in a row away from three-month lows at 1.1781.
The dollar index rose 0.1% on Monday, the first profit in three days against a basket of major rivals.
US inflation forecasts and Fed Chair Jerome Powell's testimony are expected to bolster the case for an earlier tightening of US monetary policy, in turn underpinning the greenback.
Also markets are waiting for consumer prices data, expected to be pivotal on the arguments for earlier policy tightening.
Oil extends gains, US crude rises over 2%
Oil prices rose on Friday, as the US dollar fell against its peers, and following the US inventories data.
The Energy Information Administration reported yesterday that the US crude inventories fell 6.9 million barrels to 445.5 million barrels during the past week, while analysts forecasts a drop by 6.2 million barrels.
While the US oil production rose by 200,000 barrels per day to the highest level since May 2020 at 11.3 million barrels per day.
The dollar index fell against a basket of currencies by 0.3% to 92.1 points as of 17:17 GMT, after it hit a high of 92.5 points and a low of 92.1 points.
As of 17:14 GMT, WTI crude August futures 2.3% to $74.6 a barrel, after hitting a day high of $74.7 and a low of $72.7.
Brent August futures rose 2.1% to $75.6, with a high of $75.8 and a low of $73.8.