Investors were waiting for key American economic data on Monday, December 2, 2024, to get information on the Federal Reserve's monetary policy outlook. However, they are facing a downtrend in gold prices have ended four sessions of increases against a stronger US dollar

The spot gold price fell by 0.7% to $2,636.38 per ounce at 02:04 GMT. US gold futures fell slightly by 0.8% to $2,658.80

According to Yeap Jun Rong, IG market strategist, the yellow metal has been facing profit-taking lately, with market players getting rid of some of the geopolitical risk premium, alongside the strength of the US dollar.

The dollar index gained 0.5%, making bullion more expensive for holders of other currencies. Key U.S. data expected this week includes U.S. job vacancies, the ADP employment report, and the salary report

Few Fed officials are expected to speak this week, including Fed Chair Jerome Powell on Wednesday. According to the CME Group's FedWatch tool, markets currently estimate the probability of a 25 basis point rate cut in December at 65.4%

Gold prices fell by more than 3% in November, recording their worst monthly performance since September 2023, as the prospect of higher tariffs under the new Donald Trump administration to keep interest rates higher longer loomed.

On Saturday, Trump demanded that BRICS countries commit not to create a new currency or to support another currency that would replace the US dollar, or face 100% tariffs.

Among other metals, spot silver lost 0.7% to $30.39 per ounce, platinum fell 0.2% to $944.20, and palladium fell 0.3% to $975.44 per ounce, and palladium fell 0.3% to $975.44.