Gold prices dipped on Monday as the U.S. dollar edged higher, and investors positioned for a series of major central bank policy meetings this week.
"While the Fed is expected to hold their interest rate, they are unlikely to deliver a dovish undertone required to tempt gold bulls back to the table in a meaningful way," said Matt Simpson, senior market analyst at City Index.
Gold prices climbed 0.7% for the week ended Friday, helped by a more-than-1% jump on Thursday after a surge in U.S. weekly jobless claims.The release of U.S. consumer price index and producer price index data on Tuesday and Wednesday, respectively, are also on investors' radar, as a hotter CPI number could alter rate expectations.
Fed fund futures show a 71.2% probability that the U.S. central bank will keep its benchmark overnight interest rate in the 5.00%-5.25% range when its two-day meeting ends on Wednesday.The Fed is more likely to announce "a pause with a hawkish warning" as they want to keep inflation expectations under pressure, Simpson said, adding, bullion does not appear to be in any hurry to break out of the $1,935-$1,985 range.
In the physical market, retail gold demand slowed in top consumers China and India last week, forcing dealers to offer discounts, with volatile prices in India prompting buyers to delay purchases.
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