WASHINGTON (dpa-AFX) - Gold prices fell on Monday, turning weak after two successive days of gains, as traders looked ahead to crucial U.S. inflation data and Fed Chair Jerome Powell's speech later in the week for clues about the central bank's interest rate moves.
The dollar's weakness helped limit the yellow metal's losses a bit.
The dollar index, which dropped to 105.06 around mid morning, recovered to 105.21 as the session progressed, but was still below the flat line, netting a marginal loss.
Gold futures for May ended down by $31.20 or about 1.32% at $2,336.10 an ounce.
Silver futures for May ended lower by $0.054 or about 0.19% at $28.221 an ounce. Copper futures climbed to $4.7650 per pound, up $0.1025 or about 2.2% from the previous close.
U.S. producer price inflation data for April is due on Tuesday, while the more closely watched consumer price inflation figures will be published on Wednesday.
Economists expect producer prices to rise by 0.3% in April after edging up by 0.2% in March, while the annual rate of growth is expected to tick up to 2.2% from 2.1%.
Consumer prices are expected to climb by 0.4% in April, matching the increase seen in March. Core consumer prices, which exclude food and energy prices, are expected to rise by 0.3% in April after climbing by 0.4% in March.
The annual rate of consumer price growth is expected to dip to 3.4% in April from 3.4% in March, while the annual rate of core consumer price growth is expected to slow to 3.6% from 3.8%.
Fed Chair Jerome Powell is scheduled to speak on Wednesday. Chicago Fed President Austan Goolsbee and Minneapolis Fed President Neel Kashkari said on Friday that interest rates are likely to remain at elevated levels until there is clear sign that the rate of inflation is slowing.
Fed Bank of Dallas President Lorie Logan said it's still too early to think about lowering borrowing costs, and Governor Michelle Bowman said she doesn't expect it will be appropriate for the Fed to cut rates in 2024.
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