Nevertheless, the gains made by the precious metal were limited after some upbeat economic data out of the US with both industrial production and homebuilder confidence rising more than expected.
Gold for August delivery, the most actively traded contract, moved up
Gold for August delivery scaled an intraday high of
On Friday, gold futures ended a shade higher, extending gains to a fifth straight session. For the week, gold futures gained 1.7%. Gold rose as the turmoil in
The dollar index, which tracks the US unit against six major currencies, traded at 80.47 on Monday, down from its previous close of 80.61 late Friday in North American trade. The dollar scaled a high of 80.71 intraday and a low of 80.42.
The euro traded higher against the dollar at
In economic news from the US, a report from the Federal Reserve of
In a separate report, the Federal Reserve said industrial production in May increased by 0.6% following a revised 0.3% decrease in April. Economists expected production to climb by about 0.5%.
A report from the
Meanwhile, the two-day Federal Reserve meeting kick starts on Tuesday, with the central bank also scheduled to release its updated forecasts apart from the post-meeting policy statement.
Investors will be looking ahead to the
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