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Gold prices slipped in Asian trading on Monday, retreating from last week’s gains, as the U.S. dollar strengthened. Spot gold fell 0.7% to $2,752.09 per ounce, while February Gold Futures declined 0.8% to $2,783.22. Last week, gold surged nearly 3% following U.S. tariff tensions and President Donald Trump’s demand for a rate cut.
The dollar’s rise came after Trump imposed a 25% tariff on Colombian imports, following a diplomatic standoff with Colombia’s President Gustavo Petro over deportation policies. Although Trump paused the tariffs after Petro’s compromise, the uncertainty boosted the U.S. Dollar Index by 0.3%. A stronger dollar typically pressures gold prices as it raises the cost for international buyers.
Investors remain cautious ahead of the Federal Reserve’s policy meeting this week. The Fed is expected to keep interest rates steady, with markets anticipating the first rate cut by mid-2025. Higher rates generally weigh on gold, making interest-bearing assets more appealing.
Other precious metals also declined due to the stronger dollar. Platinum Futures dropped 1.1% to $961.20 per ounce, while Silver Futures slid 1.7% to $30.655. Copper, which hit a two-month high last Friday amid optimism over U.S.-China trade, also fell. London Metal Exchange Copper Futures dropped 0.5% to $9,230.50 a ton, while February Copper Futures slipped 1.1% to $4.275 per pound.
Market sentiment remains focused on the Fed’s decision and ongoing geopolitical tensions, keeping gold and other metals under pressure.
