RTTNews - Gold prices continued to move lower on Monday in U.S. trading as a stronger dollar reduced the need to invest in the previous metal as a hedge.
August gold fell $12.30 to settle at $945 per ounce, while the more-actively traded December gold fell to $946.90, down $12.60 on the session.
The dollar moved to an 11-day high against the euro after hitting a multi-month low versus the euro. The buck found a 12-day high against the sterling
There was no major economic news on Monday but plenty is on the horizon. The Federal Open Market Committee's two-day policy meeting begins Tuesday, with a rate decision expected Wednesday. The Fed is expected to leave rates in the current range of 0 to 0.25%.
There's also some key economic data coming on Tuesday. At 8:30 a.m. ET, productivity and costs data will be made public. Productivity is expected to rise 5.4% in the second quarter, compared to a 1.6% jump in the prior quarter. Labor costs are expected to drop 2.4% compared to a rise of 3% in the first quarter.
Wholesale inventory data is coming at 10 a.m. ET. A drop of 0.9% is expected for June, compared to a decline of 0.8% in May.
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