Gold prices moved higher on Monday and lifted the most active gold futures contract to a near 3-month closing high.
A fairly steady dollar limited gold's uptick. The dollar index, which rose to 107.27 in the Asian session pared some gains subsequently and was last seen hovering around 106.65, up nearly 0.35% from the previous close.
The dollar gained in strength after Federal Reserve Governor Christopher Waller said on Sunday that financial markets may have overreacted to the October inflation print.
The U.S. Federal Reserve may consider slowing the pace of rate increases at its next meeting but the "end point" of rate increases is likely still "a ways off," Waller said.
Gold futures for December ended higher by $7.50 or about 0.4% at $1,776.90 an ounce, the highest settlement since August 16.
Silver futures for December ended up $0.446 at $22.113 an ounce, while Copper futures for December ended lower by $0.0800 at $3.8335 per pound.
