Gold steady ahead of US Independence day holiday
Mumbai: Gold held steady early Monday, ahead of the US Independence day holiday, as the dollar hovered at near nine-month lows hit last week on signs of monetary tightening by global central banks.
Spot gold was nearly flat at $1,241.04 per ounce at 0043 GMT. It fell over 2 per cent in the month of June, its first monthly decline this year.
US gold futures for August delivery fell 0.1 per cent to $1,240.80 per ounce.
The dollar edged off a nine-month low against a basket of currencies early on Monday, but it remained shaky as expectations of central banks in Europe moving away from accommodative monetary policies supported peers like the euro and sterling.
South African precious metals producer Sibanye Gold.
The Federal Reserve on Friday awarded $398.88 billion in repurchase agreements at an interest rate of 1.00 per cent to 79 bidders, which was the highest amount since $468.36 billion on Dec. 30, the New York Federal Reserve said.
US consumer spending rose modestly in May and inflation cooled, pointing to a slow-but-steady economic expansion that could still lead the Federal Reserve to raise interest rates by the end of the year.