On Monday, gold futures on the COMEX division of the New York Mercantile Exchange dropped due to the rise in the U.S. dollar index and Treasury yields. The most active gold contract for April delivery closed at 2,042.90 dollars per ounce, representing a 0.53 percent decrease of 10.80 U.S. dollars.
Chicago Fed President Austan Goolsbee spoke about the possibility of the Federal Reserve starting the path to normalization if the economic data continue on the current track in an interview with Bloomberg Television on Monday. However, the market consensus is that the Fed will unlikely raise rates at its March meeting.
The economic data released on Monday also had an impact on gold prices. The U.S. services purchasing managers’ index (PMI) increased to a reading of 52.5 in January from 51.4 in December, according to S&P Global. The Institute for Supply Management’s Services PMI was at 53.4 percent in January, indicating a continued expansion in the services sector for the 13th consecutive month.
Furthermore, silver for March delivery decreased by 1.64 percent, with a fall of 37.40 cents to close at 22.422 dollars per ounce. However, platinum for April delivery rose by 0.21 percent, an increase of 1.90 dollars, to close at 903.50 dollars per ounce.
