WASHINGTON (dpa-AFX) - Gold prices advanced on Monday with investors seeking the safe-haven asset as the dollar shed some ground and bond yields dropped ahead of some crucial U.S. economic data due later in the week.
Bond yields also eased as investors await key U.S. inflation data and comments from Federal Reserve officials this week for clarity on the Fed's rate path.
The dollar index dropped to 105.37 before recovering to around 105.55, still remaining well below the flat line, losing about 0.2%.
Gold futures for June ended up by $13.60 or about 0.6% at $2,330.00 an ounce.
Silver futures for June settled lower by $0.084 or 0.28% at $29.489 an ounce, while Copper futures dropped to $4.4285 per pound, losing $0.0135 or about 0.3%.
The U.S. Commerce Department's report on personal income and spending due later this week includes readings on inflation said to be preferred by the Federal Reserve.
U.S. reports on new home sales, consumer confidence, durable goods orders and pending home sales may also garner investor attention following recent signs that the world's largest economy may be slowing without falling into recession.
The final GDP data for the first quarter of 2024 is due out Thursday and an upbeat report could put pressure on the Fed to tighten rates further.
Prominent Fed officials speaking this week include San Francisco Fed President Mary Daly and Fed Governors Lisa Cook and Michelle Bowman.
Geopolitically, the focus will be on the first U.S. presidential debate and the beginning of the French election campaign. Joe Biden will face off Donald Trump in the first U.S. presidential debate on June 27.
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