Gold futures ended higher on Monday as the dollar stayed somewhat subdued. The dollar eased from a 12-week high as investors weighed U.S. Federal Reserve's hawkish stance on interest rates against the darkening economic outlook. Investors also noted the comments from Fed officials last week that the central bank is nearing the end of its rate-hiking cycle. Meanwhile, Philadelphia Fed president Patrick Harker indicated that the Fed should keep interest rates at the current level while it assesses the impact on the economy.
Gold futures for December delivery ended higher by $6.90 or 0.4% to settle at $1,946.80 ounce on the Comex division of the New York Mercantile. Spot gold rose $5.30 or 0.28% at $1,952.40 per ounce.