<p>Gold prices slipped on Monday from a three-week high scaled in the previous session, as the US dollar regained some ground, making greenback-priced bullion more expensive for holders of other currencies.</p>.<p>Spot gold was down 0.6 per cent at $1,670.29 per ounce, as of 0230 GMT. Bullion prices surged 3 per cent on Friday as the dollar fell nearly 2 per cent after US jobs data raised hopes about the Federal Reserve being less aggressive on rate hikes going forward.</p>.<p>US gold futures edged 0.1 per cent lower to $1,674.30.</p>.<p>It's not unusual to see prices retrace against a large move from the prior session, gold is pulling back as the dollar gently rises, said City Index analyst Matt Simpson.</p>.<p>The dollar index reclaimed some lost ground to edge up 0.2 per cent.</p>.<p>Four Federal Reserve policymakers on Friday indicated they would still consider a smaller interest rate hike at their next policy meeting.</p>.<p>Investors will now focus on the US inflation data due later this week. The data is likely to shed some light on Fed's rate-hike move in the upcoming December meet.</p>.<p>"US inflation data has the ability to make or break gold. Whilst markets currently favour a 50 basis-point rate hike, a hot inflation print would likely see odds for a 75 bps increase and send the dollar higher and gold lower," Simpson added.</p>.<p>Bullion is considered an inflation hedge, but rising interest rates dent the non-yielding asset's appeal.</p>.<p>On the physical front, World Gold Council said in a note dated Friday, a stable local gold price, weak RMB and economic uncertainty supported gold sales in regions such as Beijing and Shanghai in October.</p>.<p>Spot silver was down 2 per cent at $20.43, platinum fell 1.5 per cent to $946.45 and palladium lost 0.6 per cent to $1,851.68.</p>
<p>Gold prices slipped on Monday from a three-week high scaled in the previous session, as the US dollar regained some ground, making greenback-priced bullion more expensive for holders of other currencies.</p>.<p>Spot gold was down 0.6 per cent at $1,670.29 per ounce, as of 0230 GMT. Bullion prices surged 3 per cent on Friday as the dollar fell nearly 2 per cent after US jobs data raised hopes about the Federal Reserve being less aggressive on rate hikes going forward.</p>.<p>US gold futures edged 0.1 per cent lower to $1,674.30.</p>.<p>It's not unusual to see prices retrace against a large move from the prior session, gold is pulling back as the dollar gently rises, said City Index analyst Matt Simpson.</p>.<p>The dollar index reclaimed some lost ground to edge up 0.2 per cent.</p>.<p>Four Federal Reserve policymakers on Friday indicated they would still consider a smaller interest rate hike at their next policy meeting.</p>.<p>Investors will now focus on the US inflation data due later this week. The data is likely to shed some light on Fed's rate-hike move in the upcoming December meet.</p>.<p>"US inflation data has the ability to make or break gold. Whilst markets currently favour a 50 basis-point rate hike, a hot inflation print would likely see odds for a 75 bps increase and send the dollar higher and gold lower," Simpson added.</p>.<p>Bullion is considered an inflation hedge, but rising interest rates dent the non-yielding asset's appeal.</p>.<p>On the physical front, World Gold Council said in a note dated Friday, a stable local gold price, weak RMB and economic uncertainty supported gold sales in regions such as Beijing and Shanghai in October.</p>.<p>Spot silver was down 2 per cent at $20.43, platinum fell 1.5 per cent to $946.45 and palladium lost 0.6 per cent to $1,851.68.</p>