Investing.com — Gold prices rose about 1% on Monday, after falling last week as the dollar’s rally slowed.
Investors also awaited comment from U.S. Federal Reserve officials for further guidance on the future direction of interest rates.
At 4:50 PM ET (9:50 GMT), the price was up 1.2% to $2,593 an ounce. The US saw a similar increase, up 1% to $2,597.
The gains came after a six-day losing streak for the yellow metal.
“Gold prices have fallen 6% since the US elections on November 5, marking the worst post-election week since 1980, when Ronald Reagan became US president,” UBS analysts said in a note.
The dollar remained stable after rising 1.6% last week. A weaker dollar makes gold more affordable for those who hold other currencies.
Several US central bank officials will speak this week. Strong U.S. economic and inflation reports continue to influence discussions among Federal Reserve policymakers about the pace and size of potential rate cuts.
Last week, investors lowered expectations for a rate cut in December after the latest data showed U.S. retail sales exceeded expectations, underscoring the strength of the economy.
