The Bank of England is also likely to raise interest rates again this week, perhaps for the last time in one of the largest monetary policy tightening cycles in the last 100 years, as the economic slowdown begins to worry policymakers.
Markets are awaiting the policy decisions that will be taken by the Federal Reserve on Wednesday, the Bank of England on Thursday, and the Bank of Japan on Friday.
Comex gold speculators reduced net long positions by 16,544 contracts in the week ending September 12, data showed on Friday.
“In fact, increasingly soft landings and longer interest rate hikes have exhausted investor appetite for the yellow metal,” TD Securities wrote in a weekend note.
“Upbeat US CPI and retail sales data have reinforced this narrative, suggesting that bulls will need to be patient for another bullish catalyst,” she added.
Change in prices
By 0056 GMT, spot gold prices settled at $1,924.29 per ounce, and US gold futures prices settled at $1,946.10 per ounce.
As for other precious metals, silver in spot transactions increased 0.3 percent to $23.07 per ounce, platinum rose 0.2 percent to $927.29 per ounce, and palladium settled at $1,248.73 per ounce.
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