Gold held below $1,940 an ounce on Monday, hovering at its lowest levels in over three weeks and facing pressure from a strong dollar and Treasury yields as investors braced for US inflation data this week. The metals lost nearly 3% last week as hawkish remarks from Federal Reserve officials weighed on the market, with Fed Chair Jerome Powell saying the central bank is “not confident” that it has done enough to bring down inflation.
Meanwhile, gold found some support after Moody’s lowered its US credit rating outlook from stable to negative, citing increasing fiscal deficits and political standoffs in Washington.
