Gold Edges Higher As Dollar Weakens

Gold prices were flat to slightly higher on Monday as the dollar declined amid a better risk environment.

Spot gold edged up 0.1 percent to $1,840.61 per ounce, while U.S. gold futures were up 0.1 percent at $1,842.85.

The euro rose against the dollar today despite French President Emmanuel Macron losing an absolute majority in the country's parliamentary election.

European equities steadied after falling sharply last week on inflation and interest-rate concerns.

Federal Reserve Governor Christopher Waller said on Saturday that he would back another rate hike of 75 basis point at the meeting in July.

In an interview with CBS News over the weekend, Cleveland Fed President Loretta Mester said that it will take a couple of years for inflation to move down to the central bank's 2 percent target.

ECB President Christine Lagarde is scheduled to address the European Parliament in Brussels later today, with investors awaiting more clues on the new crisis tool that would help prevent a disorderly blowout in borrowing costs in weaker eurozone countries.

Market participants also await a congressional appearance by U.S. Federal Reserve Chair Jay Powell this week that could highlight the U.S. central bank's resolve to guide inflation back to the Fed's 2 percent target.

U.S. markets remain closed today on account of Juneteenth National Independence Day.

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