Gold Prices Rise Following Dollar Rally Slowdown

Gold prices rose by about 1% on Monday after experiencing a drop last week, as the dollar's rally slowed.

Investors are awaiting comments from U.S. Federal Reserve officials for guidance on future interest rates.

As of 4:50 ET (9:50 GMT), spot gold increased 1.2% to $2,593 per ounce, while U.S. gold futures climbed 1% to $2,597.

This increase follows a six-day losing streak for gold. Analysts at UBS noted, "The gold price has fallen 6% since the US election on 5 November, marking the worst post-election week since 1980 when Ronald Reagan became US president."

The dollar remained steady after a 1.6% increase last week. A weaker dollar makes gold more affordable for holders of other currencies.

Several U.S. central bank officials are scheduled to speak this week. Strong U.S. economic and inflation reports continue to influence discussions among Federal Reserve policymakers regarding possible rate cuts.

Last week, expectations for a rate cut in December were reduced after data showed U.S. retail sales exceeded expectations, demonstrating the economy's strength.