FX.co ★ Gold Inches Higher As Dollar Weakens

Gold inched higher on Monday as a softer dollar made bullion less expensive for overseas buyers.

Spot gold edged up 0.2 percent to $1,796.43 per ounce, while U.S. gold futures were up 0.3 percent at $1,806.25.

The dollar index slipped on bets that the U.S. Federal Reserve is close to halting its rate hike cycle.

Fed futures are currently pricing in a terminal rate of below 5 percent by the middle of next year.

In economic releases, it's going to be a light week ahead of the year-end holiday period.

The U.S. Commerce Department is due to release its report on personal income and spending this week, which includes a reading on inflation said to be preferred by the Fed.

The final U.S. GDP data for the quarter ended September 2022 is scheduled to be released on Thursday.

The Bank of Japan end its two-day policy meeting on Tuesday, with economists expecting no major change in policy.

The Japanese yen touched a multi-day high against the U.S. dollar earlier today on speculation that the Bank of Japan may consider a shift in monetary policy goals amid rising inflation pressures.