The price of gold was steady near the $1,400-mark Monday morning, with the US dollar trading mixed amid renewed hopes that the Federal Reserve will maintain its bond-buying program. Also, traders await fresh triggers from this week's macroeconomic news.
Gold for December delivery, the most actively traded contract, eased $2.20 to $1,393.60 an ounce. Last week, gold gained nearly 2 percent to settle near a fresh two-month high on some soft new home sales data from the U.S. and with China reporting a better-than-expected manufacturing activity signaling economic recovery in the second largest economy in the world. However, uncertain signs the Federal Reserve would begin tapering its quantitative easing program later in the year capped big gains.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved up to 920.13 tons from 913.52 tons.
Meanwhile, the U.S. dollar was hovering near its one-week high versus the euro, the Swiss franc and sterling, while extending gains against the yen.
In economic news, a leading indicator for euro zone's economic activity increased for a third consecutive month in July, signaling an improving economic outlook, the Conference Board said in a report. The leading economic index increased 1 percent month-on-month to 108.4 in July after a 0.4 percent rise in both June and May.
Elsewhere, the prices of silver and platinum were flat in morning deals.
From the U.S., the Commerce Department will release its durable goods orders report for July at 8:30 am ET. Economists expect new orders to have declined 4 percent month-over-month, while excluding transportation orders may have risen by 0.3 percent.
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Market Analysis
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.