Gold prices retreated on Monday morning from a three-month peak hit in the previous session, as the dollar and US bond yields rose after a top US central banker warned that the Federal Reserve is not 'softening' the fight against inflation yet.
Spot gold was 0.15 per cent down at $1,760.95 per ounce, as of 9.10am UAE time.
In the UAE, gold prices fell one dirham per gram at the opening of the markets on the first trading day of the week.
The Dubai Gold and Jewellery Group data showed 24K opening at Dh213.5 per gram on Monday as compared to its previous close of Dh214.5 per gram. While 22K, 21K and 18K opened at Dh200.5, Dh191.25 and Dh164.0 per gram, respectively.
Gold prices posted their biggest weekly percentage gain since March 2020 last week after signs cooling US inflation lifted hopes that the Fed could be less hawkish on rate hikes.
However, Fed Governor Christopher Waller on Sunday said the Fed may consider slowing the pace of rate increases at its next meeting but that should not be seen as a "softening" of its battle against inflation.
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