2020.09.2111:06:00UTC+00Gold Hovers Near Two-week Low

Gold fell sharply on Monday to hover its lowest in nearly two weeks due to an uptick in the dollar.

Spot gold fell about 1 percent to $1,931.69 per ounce, after having declined to its lowest since Sept. 9 at $1,928.14. U.S. gold futures were down 1.2 percent at $1,938.40 per ounce.

The dollar index rose against its rivals as investors await a slew of Fed speeches including Chairman Jerome Powell for clues on monetary policy.

Powell and Treasury Secretary Steven Mnuchin will speak before the House Financial Services Committee on the CARES Act on Tuesday.

Powell is likely to be quizzed on the forward guidance for interest rates, which suggests that rates would remain lower for longer.

Speeches by Fed members Lael Brainard, Charles Evans, Raphael Bostic, James Bullard, Mary Daly and John Williams are also scheduled this week.

Key economic data include existing home sales on Tuesday and home prices on Wednesday. The attention will then shift to new home sales on Thursday and durable goods orders on Friday.

As the coronavirus regains force, investors will also be looking ahead to flash PMI data on Wednesday for the first hints of how economies have fared in September.

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