Gold futures settled lower on Monday as the dollar firmed against its major counterparts amid bets the Federal Reserve will raise interest rates once more before pausing on hikes.
The President and CEO of the Federal Reserve Bank of Richmond Thomas Barkin said today that he wants to see more evidence of inflation settling back to target.
Barkin also said that he feels reassured by what he is seeing in the banking sector.
The dollar index climbed to 102.23 around noon, and was at 102.16 a little while ago, up 0.6% from the previous close.
Gold futures for June ended down $8.80 at $2,007.00 an ounce, coming off the day's high of $2,028.00 an ounce. Gold futures dropped to a low of $1,993.40 an ounce around late morning before regaining some lost ground.
Silver futures for May settled at $25.088 an ounce, down $0.372 from the previous close, while Copper futures for May ended lower by $0.0405 at $4.0660 per pound.
In economic news, a report from the National Association of Home Builders said the NAHB/Wells Fargo Housing Market index in the US increased to 45 in April of 2023, rising for a fourth month in a row. This is a fresh high since September of 2022.
