Gold Edges Lower On Firmer Dollar

(RTTNews) - Gold prices were moving lower on Monday as the dollar strengthened ahead of a busy week of economic data that could influence the Federal Reserve's rate trajectory.

Spot gold dipped 0.7 percent to $5,008.34 an ounce while U.S. gold futures were down 0.4 percent at $5,026.51.

The dollar index was largely steady amid U.S. Presidents' Day and China's Lunar New Year holidays.

Federal Reserve (Fed) Bank of Chicago President Austan Goolsbee noted on Friday during an interview with Yahoo Finance that interest rates could fall further, but future moves depend on more progress on services inflation.

He sees strong economic growth and a stable job market, and needs to see further progress on inflation falling to the Fed's 2 percent mandate before cutting interest rates.

Looking ahead, traders await U.S. industrial production data for January, preliminary Q4 GDP numbers, the minutes from the January FOMC meeting, purchasing manager index data for February and the Fed's preferred inflation gauge this week for additional cues on interest rates.

On the geopolitical front, the United States and Iran will hold a second round of talks over Tehran's nuclear program this week, with Israeli Prime Minister Benjamin Netanyahu urging Trump to demand Iran dismantle its nuclear infrastructure.