Gold fell on Monday, with the dollar's price stabilizing near its highest level in 20 years, to continue pressure on demand for dollar-denominated gold. The price of gold fell 0.1% to $ 1740.16 an ounce by 00:45 GMT. US gold futures fell 0.2% to $1,739.50.
The dollar settled near its highest level in nearly 20 years, which made foreign buyers stay away from gold. Gold fell for a fourth week in a row on Friday, hurt by the dollar's rise and bets on sharp interest rate hikes that are gaining strength after strong US jobs data.
Asian stocks started cautiously Monday as investors prepared for a US inflation report that could force another big rate hikeAs for other precious metals, the price of silver in spot transactions fell 0.2% to $19.27 an ounce, and platinum fell 1% to $887.89. Palladium fell 1.3% to $2,153.50, after rising about 10% on Friday.