Gold Prices Finish Lackluster Session Slightly Lower

(RTTNews) - Following the strong upward move last Friday, the price of gold showed a lack of direction over the course of the trading day on Monday.

Gold for December delivery eventually ended the day little changed, edging down $2.20 or 0.1 percent to $1,654.10 an ounce after jumping $19.50 or 1.2 percent to $1,656.30 an ounce in the previous session.

The choppy trading on the day came as the value of the U.S. dollar has also turned in a lackluster performance, with the U.S. dollar index currently unchanged at 112.02.

A lack of major U.S. economic data may have kept traders on the sidelines ahead of the release of a personal income and spending report that includes a reading on inflation said to be preferred by the Fed.

In the coming days, traders are also likely to keep an eye on reports on consumer confidence, new home sales, and durable goods orders and third quarter GDP.

Trading activity may remain somewhat subdued, however, as traders look ahead to the Federal Reserve's monetary policy next week.

With the Fed widely expected to raise interest rates by another 75 basis points, traders are likely to pay close attention to the accompanying statement for signs the central bank plans to slow the pace of monetary policy tightening.