WASHINGTON (dpa-AFX) - Gold prices moved higher on Monday, although the upside was just marginal as the dollar surged higher ahead of the Federal Reserve's two-day monetary policy meeting that gets underway on Tuesday.
The dollar index climbed to 103.63, gaining nearly 0.2%.
Gold futures for April ended higher by $2.80 at $2,164.30 an ounce.
Silver futures for May ended down by $0.116 at $25.265 an ounce, while Copper futures for May settled at $4.1300 per pound, gaining $0.0055.
The Fed is widely expected to leave interest rates unchanged, but the central bank's accompanying statement and economic projections could have a significant impact on the outlook for rates.
Data from the Labor Department showing hotter-than-expected consumer price and producer price inflation readings have reduced optimism about the likelihood of the Fed's first rate cut coming in June.
In U.S. economic news, a report released by the National Association of Home Builders showed an unexpected improvement in U.S. homebuilder confidence in the month of March.
The report said the NAHB/Wells Fargo Housing Market Index rose to 51 in March from 48 in February. Economists had expected the index to come in unchanged.
With the unexpected increase, the housing market index surpassed the breakeven point of 50 for the first time since hitting 56 last July.
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