Gold futures fell Monday, extending recent losses as the dollar strengthened on hawkish comments from a Federal Reserve official.
"Inflation is a little lower than what we would like, but we think that if the labor market continues to tighten, wages will gradually pick up and with that, inflation will gradually get back to 2 percent," New York President William Dudley said today.
The Fed plans to raise interest rates one more time in 2017 and three times in 2018.
President Federal Reserve Bank of Chicago Charles Evans will speak about current economic conditions or monetary policy at the Money Marketeers of New York University event in New York City, with audience and media Q&A at 7.00 pm ET.
August gold fell $9.80, or 0.8%, to settle at $1,246.70/oz., the lowest in four weeks.