Gold prices climbed to a six-month high on Monday as the dollar traded weak on bets that the Federal Reserve is done hiking interest rates.
Spot gold rose half a percent to $2,013.30 per ounce, breaking above its October peak of $2,009.29. U.S. gold futures were up half a percent at $2,013.85.
The dollar index slipped as investors looked ahead to key inflation data from the United States and Europe due this week for direction.
After the November FOMC minutes revealed a cautious approach to future rate hikes, traders now await U.S. reports on new home sales, consumer confidence, pending home sales and manufacturing activity this week for additional clues about the outlook for growth and interest rates.
The Commerce Department's report on personal income and spending may be in the spotlight, as it includes readings on inflation said to be preferred by the Federal Reserve.
The Fed's favored measure of inflation is expected to slow to its lowest since mid-2021, reinforcing investor optimism that the Fed is done hiking interest rates.
The U.S. GDP second estimate for the third quarter is set to be released on Wednesday.
The Beige Book, a compilation of anecdotal evidence on economic conditions in each of the twelve Fed districts, along with remarks by several Federal Reserve officials, including Chair Jerome Powell's speech on Friday, could impact the asset markets.
