The trading week opened with more declines for precious metals as investors looked for further clues as to the timing of the next U.S. rate hike.
Having fallen on Friday, gold and silver both posted declines in the Asian trading session following a speech by Cleveland Federal Reserve President Loretta Mester in Singapore on Monday. Ms Mester said that she would be comfortablewith a rate hike if the economy maintained its current performance rate.
The speech by the Cleveland Federal Reserve President follows Fed Chair Janet Yellen saying last week that the U.S. central bank will most likely have to increase interest rates in the near future. However, Ms Yellen did express concern over the economic policy under President Trump.
Investors will be looking ahead to key speeches throughout the week by Fed Reserve members. Philadelphia Fed President Patrick Harker and Minneapolis Fed President Neel Kashkari are due to speak on Tuesday. Atlanta Fed President Dennis Lockhart is set to speak on Thursday.
Despite a slightly weaker US Dollar, both Gold and Silver weakened in the Asian trading session. At time of writing, Gold is down 0.21% with a troy ounce of the yellow metal trading at $1236.55. Silver is also lower, down 0.26%, with a troy ounce valued at $17.983
Today is expected to see light trading due to U.S. markets remaining closed for President’s Day.