Gold futures on the COMEX division of the New York Mercantile Exchange failed to extend its streak of gains on Monday, with prices settling slightly lower as the U.S. dollar strengthened a bit after last week's sharp loss.
The most active gold contract for August delivery fell 0.6 U.S. dollars, or 0.05 percent, to settle at 1,254.30 dollars per ounce.
A broad measure of the U.S. currency, the U.S. Dollar which compares the greenback against a half-dozen other currencies, was down about 1.7 percent month to date, but edged up to 0.2 percent to 94.03 as of 1930 GMT.
Commodities priced in dollars often trade inversely with the dollar, as moves in the U.S. unit can influence the attractiveness of those commodities to holders of other currencies.
Gold prices had logged their highest settlement in a month on Friday, tacking on more than 2 percent for the week, as turmoil surrounding the White House spurred haven demand for the precious metal and a wavering dollar improved the appeal of gold to investors using other currencies to buy precious metals. But this week, attention now turns to the Federal Reserve's policy meeting.
Analysts said Fed's Wednesday communication is not expected to convey new policy directives but it may relay a shift in how current economic data fit into the Fed's view of the world.
As for other precious metals, silver for September delivery went down 1.4 cents, or 0.09 percent, to close at 16.443 dollars per ounce. Platinum for October delivery dropped 5.1 dollars, or 0.54 percent, to close at 932.3 dollars per ounce.
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