Gold prices continued to plunge on Monday as profit-takers took advantage of record highs. A stronger dollar reduced gold's hedge appeal.
December gold dropped to $1,139.40 per ounce, down $29.40 on the session. The metal hit as low as $1,136.30.
Gold reached a record high of $1,226.40 on Thursday but then lost more than $40 on Friday. The metal finished a volatile week down $5.80 per ounce.
The dollar rose to its highest level in more than a month versus the euro, moving further away from the 16-month low seen last week. The buck hit a 10-day low versus the pound.
Traders awaited remarks from Federal Reserve Chairman Ben Bernanke at the Economic Club of Washington, set to begin at 12:00 p.m. ET. The Fed chief will discuss Fed policy and economic outlook.
The consumer credit report for October is slated to be released by the Federal Reserve at 3 p.m. ET. Economists expect the report to show a decline of $9.3 billion for the month.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.