FX.co ★ Gold Futures Settle Higher As Dollar Loses Ground

Gold prices climbed higher on Monday as the dollar shed ground against major currencies as investors looked ahead to policy announcements by the Federal Reserve and the Bank of England for clarity on interest rate hike moves.

The dollar index dropped to 101.40, losing more than 0.4%.

Gold futures for June ended higher by $9.30 or about 0.5% at $1,999.80 an ounce.

Silver futures for May ended up $0.253 at $25.311 an ounce, while Copper futures for May settled at $3.9540 per pound, down $0.0260 from the previous close.

Investors also await a reading on U.S. first-quarter GDP along with the Fed's favored measure of inflation this week for clues on the health of the world's largest economy.

Reports on consumer confidence, new home sales, durable goods orders, and personal income and spending are also due this week.