Gold Steadies Near Five-month High

Gold prices held steady on Monday after hitting a five-month high on the back of a weakening dollar.

Spot gold was marginally lower at $1,796.82 per ounce, while U.S. gold futures were little changed with a positive bias at $1,810.25.

The dollar index held close to a more than five-month low on improved risk sentiment after more Chinese cities relaxed some anti-COVID measures and testing mandates over the weekend.

China’s financial hub Shanghai removed testing requirements for public transportation and entry to public venues effective today.

Zhengzhou city, which home to the world’s largest iPhone factory, also ended testing requirements to use public transportation and enter other public venues.

A weaker dollar makes greenback-priced bullion less expensive for overseas buyers.

Meanwhile, despite the strong U.S. jobs report released on Friday, markets still expect the Federal Reserve to slow the pace of rate increases.

In economic releases, reports on Euro zone business activity, retail sales and investor sentiment proved to be a mixed bag.

U.S. factory orders for October and ISM non-manufacturing PMI for November, as well as Canada building permits for October will be released in the New York session.