Gold prices were little changed on Monday as the dollar opened the week slipping against the other major currencies amid sagging U.S. 10-year Treasury yields.
Gold futures for June delivery on the Comex division of the New York Mercantile Exchange was down 0.3, or 0.02%, to $1,320.2 a troy ounce by 1:02AM ET (05:02 GMT).
Meanwhile, the U.S. Dollar Index that tracks the greenback against a basket of six major currencies last stood at 92.28, down 0.17%. The greenback reached this year’s new high last Wednesday at 93.22, then lost its rally to drop to the 92 level on Monday. Its uptrend since mid-April is still intact, however.
Last Friday, the U.S. released softer than expected consumer inflation data that curbed expectations for four rate hikes by the Federal Reserve this year. The news pressured United States 10-Year treasuries, with the yields dropping to 2.96%, while the dollar also lost support.
Markets also set eyes on the U.S. retail sales data on Tuesday and Japan’s GDP on Wednesday to look for more directional drivers.