Gold prices went lower from their highest level in a year recorded in the previous session; the pullback was a result of a weaker dollar and lower expectations of a tighter policy by the Federal Reserve.
Gold dropped by $12 in the session and was being traded at $1,334 after reaching $1,349.29 on Friday’s session, which was the highest level since August 2016.
The retreat in gold prices represents a test of sentiment toward the metal ahead of the U.S. inflation data for the month of September.
U.S. stocks surged during the latest market session as the damage from Hurricane Irma did not appear to be as bad as expected.
The Dow Jones Industrial Average gained a whopping 259.58 points to close the session at 22,057.37. Goldman Sachs and Apple contributed to most of the gains. The Index also posted its steepest rise since March 1, when it gained 303 points on a single session.
The S&P 500 soared by 1.1 percent to end the session at 2,488.11 breaking its previous record. The index also surpassed its biggest one-day gain since April 24.