Commodities - Gold Prices Hover at More Than Two-Week Lows
Investing.com - Gold prices were hovering at a more than two-week low on Monday, as the U.S. dollar regained some footing after Friday's disappointing U.S. data and as investors turned their attention to the Federal Reserve's upcoming policy meeting this week.
Comex gold futures were down $8.97 or about 0.67% at $1,316.23 a troy ounce by 08:35 a.m. ET (12:35 GMT).
The greenback recovered from losses posted on Friday after data showed that U.S. industrial and manufacturing production unexpectedly fell in August.
In addition, the U.S. Commerce Department said retail sales unexpectedly fell by 0.2% in August.
Later this week, the Fed is expected to leave interest rates unchanged but it could give indications on when it plans to begin unwinding its balance sheet.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, wassteady at 91.67.
Gold is sensitive to moves in the dollar. A stronger dollar makes gold more expensive for holders of foreign currency.
Separately, markets seemed to have recovered from news late last week that North Korea fired a missile over Japan. It was the peninsula's second missile launch over Japanese territory in just over two weeks.
U.S. President Donald Trump was set to address the United Nations for the first time this week and Pyongyang was widely expected to be on the agenda.
Elsewhere on the Comex, silver futures lost 1.537% to $17.42 a troy ounce.
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