Gold retreats from Friday's five-week high

Gold Price (XAU/USD) retreated this morning to $1,862.29 per ounce, as of 0205 GMT, after reaching $1879 during Monday's Asian session. Gold's weakness could be linked to the US dollar's strength ahead of this week's Federal Reserve (Fed) monetary policy meeting. The yellow metal bounced strongly from $1825 following the release of the US Consumer Price Index (CPI) last Friday.

For the coming week, gold traders will focus on the Federal Open Market Committee meeting (FOMC) on Wednesday.

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COMMODITIES
Oil prices dropped today following the increase in COVID-19 cases in Beijing, while worries about global inflation and sluggish economic growth further depressed the market.
- Brent crude futures down 1.48%, to $120.20
- U.S. West Texas Intermediate crude down 1.54% to $118.81

STOCKS
U.S. stock futures dropped today following Wall Street's struggle to recover from one of its worst weeks of 2022.

Stock prices began to shift last Friday influenced by U.S. inflation data.

- Dow Jones Industrial Average down 330 points, or 1.05%
- Nasdaq 100 futures down 1.88%
- S&P 500 futures down 1.42%

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Gold retreats from Friday's five-week high | ICM.COM

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