WASHINGTON (dpa-AFX) - Gold futures settled lower on Monday, extending weakness from the previous session, as the dollar climbed higher after initial struggle.
The dollar index, which dropped to 103.56 in the European session, climbed to 104.06 in the New York session, gaining about 0.2%.
Gold futures for March settled at $2,891.00 an ounce, down $13.70 or about 0.47% from previous close.
Silver futures for March closed down $0.273 or about 0.84% at $32.275 an ounce, while Copper futures for March dropped to $4.6155 per pound, losing $0.0675 or 1.44%.
Investors are mulling over comments from U.S. President Donald Trump that the U.S. economy faced 'a period of transition,' and looking ahead to the release of some crucial economic data this week.
Reports on consumer and producer price inflation are likely to be in focus along with readings on consumer sentiment and inflation expectations. , In a Fox News interview that aired Sunday, Trump declined to rule out a recession this year, saying 'There is a period of transition' that will eventually pay off for the economy.
However, Trump's commerce secretary, Howard Lutnick, was more definitive and said 'absolutely not' when asked whether Americans should brace for a downturn.
Echoing concerns about President Trump's policies, Fed Chair Jerome Powell said on Friday that the Fed is in no hurry to adjust rates and remains 'focused on separating the signal from the noise.'
Federal Reserve Bank of San Francisco President Mary Daly said growing uncertainty among businesses could slow demand in the economy but doesn't require a change in interest rates.
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