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Gold Subdued In Lackluster Trade

Gold prices were subdued on Monday despite the dollar starting the new week on a sluggish note.

Spot gold slipped 0.1 percent to $1,924.26 per ounce, while U.S. gold futures were down 0.2 percent at $1,925.15.

The U.S. dollar traded lower against its most major counterparts amid expectations of slower Fed rate hikes going forward.

Fed Governor Christopher Waller said on Friday that he supported a quarter percentage point rate hike at the February meeting as inflation and wages continued to moderate.

"Based on the data in hand at this moment, there appears to be little turbulence ahead, so I currently favor a 25-basis point increase at the (Federal Open Market Committee's) next meeting," Waller said.

Philadelphia Fed President Patrick Harker also said Friday he expects 25-basis point rate increases to be appropriate going forward.

Investors await U.S. GDP data and the PCE index due later this week for more clues on interest rate outlook.

ECB President Christine Lagarde is due to speak in Germany later today.

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