Gold prices remained steady on Monday as the dollar edged higher against most major currencies, with traders assessing demand for the precious metal.
Earlier government data revealed that total Chinese gold consumption dropped by 5.6% year-over-year to 523.75 tonnes in the first half of the year, while demand for gold jewelry surged 26.7% to 270 tonnes.
Traders are now looking forward to the Federal Reserve’s policy meeting starting tomorrow, which is expected to conclude with no changes to interest rates. However, the Fed may provide hints about the future direction of interest rates.
Meanwhile, the dollar index increased by 0.2% to 104.5 as of 21:08 GMT, with a session high of 104.7 and a low of 104.1.
In trading, gold spot prices stabilized at $2,381 an ounce as of 21:10 GMT.
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