Bengaluru — Gold slipped on Monday, as the dollar firmed after recent weakness. The greenback and gold often move in opposite directions, as gold is priced in dollars and a stronger dollar makes it more expensive for holders of other currencies.³ Markets were awaiting comments by a top Federal Reserve official later on Monday for clues on whether recent strength can be sustained, after last week’s soft economic data. Spot gold was down 0.1% at $1,252.21 an ounce at 1.27am GMT. US gold futures for August delivery fell 0.2% to $1,254/oz. The dollar steadied against a basket of currencies early on Monday after slipping on the US economic data. US homebuilding fell for a third straight month in May to the lowest level in eight months as construction activity declined broadly, suggesting that housing could be a drag on economic growth in the second quarter. Markets are now looking to comments by New York Fed president William Dudley for potential support for the greenback. Dudley, a clos...
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