Gold futures settled lower on Monday as the dollar climbed higher and Treasury yields rose, ahead of the Federal Reserve's two-day monetary policy meeting, which commences on Tuesday.
The Fed is widely expected to raise rates by 50 basis points on Wednesday, after lifting rates by 75 basis points in each of the last four meetings held between May and November 2022.
The dollar index, which was down at 104.67 in the European session, climbed to 105.23 later on in the day, and is currently hovering around 105.20, notably higher than the previous close of 104.81.
Gold futures for February ended lower by $18.40 or about 1% at $1,792.30 an ounce.
Silver futures for March ended down $0.314 at $23.403 an ounce, while Copper futures for March settled at $3.8005 per pound, down $0.0780 from the previous close.
Data on U.S. consumer inflation for the month of November is due on Tuesday.
Investors are also looking ahead to inflation data from the Eurozone and the U.K., as well rate decision from the European Central Bank, and the Bank of England.
