Gold Futures Settle Slightly Higher

Gold futures recovered from early weakness and settled slightly higher on Monday after a lackluster session.

The dollar struggled to hold gains despite staging a fairly good recovery after staying weak in the Asian session. Expectations of slower Fed rate hikes weighed on dollar.

The dollar index, which dropped to 101.59 in the Asian session, climbed to 102.28 around mid morning, before paring gains and dropping to 102.01.

Gold futures for February ended higher by $0.40 at $1,928.60 an ounce.

Silver futures for March ended down $0.381 at $23.554 an ounce, while Copper futures for March settled at $4.2565 per pound, up $0.0050 from the previous close.

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.

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

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