Gold Retreats as Dollar Strengthens After Recent Gains

Gold prices dipped slightly on Monday as the US dollar strengthened, erasing some of the gains made earlier in the week. The decline came despite recent weak economic data that has lowered the likelihood of a Federal Reserve interest rate hike in October.

Spot gold dropped 0.3% to $4,131.61 per ounce, while US gold futures for December delivery fell 0.1% to $4,159.30. The US dollar index rose 0.6%, making gold and other dollar-denominated metals more expensive for foreign investors.

Other precious metals saw mixed movements. Spot silver climbed 0.9% to $60.94, platinum increased 0.5% to $1,706.18, while palladium lost 0.2% to $1,165.40.