Gold prices edged lower on Monday, kicking the week off with modest losses as investors awaited fresh signals about the timing of the next U.S. interest rate increase this year.

Comex gold futures dipped $2.50, or around 0.2%, to $1,248.65 a troy ounce by 2:45AM ET (06:45GMT). Meanwhile, spot gold was down $2.30 at $1,246.80.

Also on the Comex, silver futures for May delivery shed 5.3 cents, or about 0.3%, to $18.20 a troy ounce.

Global financial markets will focus on Wednesday’s minutes of the Federal Reserve’s latest policy meeting for further hints on the timing of the next U.S. rate hike.

There are also a few Fed speakers in the coming week, with New York Fed President William Dudley, Philadelphia Fed President Patrick Harker and Richmond Fed President Jeffrey Lacker all set to speak Monday. Dudley is on tap again on Friday.

Investors will also keep an eye on key U.S. economic data, with Friday’s monthly employment report in the spotlight.

Besides the employment report, this week’s data-heavy calendar also features reports on U.S. auto sales, construction spending and ISM manufacturing on Monday; trade figures and factory orders on Tuesday; ADP private sector nonfarm payrolls and the ISM non-manufacturing survey on Wednesday; weekly jobless claims on Thursday, followed by wholesale inventories and consumer credit on Friday.

Source: UK Investing.com

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