FX.co ★ Gold Prices Inch Higher On Weak Dollar

Gold prices were moving higher on Monday and the dollar continued to weaken amid expectations that rate hikes by the U.S. Federal Reserve may moderate over time.

Spot gold inched up 0.2 percent to $ 1,770.53 per ounce, while U.S. gold futures were up 0.3 percent at $1,787.05.

The dollar was down against a basket of currencies following some slightly less hawkish messaging from the Fed last week.

However, U.S. Treasury yields rose slightly after Fed Bank of Atlanta President Raphael Bostic said on Friday the monetary authority has further to go in raising borrowing costs.

Separately, Fed Bank of Minneapolis President Neel Kashkari said Sunday the U.S. central bank is committed to slowing inflation to about 2 percent.

On the data front, the latest manufacturing surveys released earlier in the day showed weakening factory activity in Asia and Europe.