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Gold prices edged lower on Monday, after hitting a three-week high earlier in the session, as the dollar firmed and talks over a new U.S. stimulus package ran into resistance.
Spot gold fell 0.2 per cent to $1,925.29 per ounce by 0046 GMT, after hitting its highest level since Sept. 21 at $1,932.96 earlier in the session. U.S. gold futures were up 0.3 per cent at $1,932.70.
The dollar index was up 0.1 per cent against rivals, making gold more expensive for holders of other currencies.
The Trump administration on Sunday called on Congress to pass a stripped-down coronavirus relief bill using leftover funds from an expired small business loan program as negotiations on a broader package ran into resistance.
U.S. President Donald Trump said on Sunday he had fully recovered from Covid-19 and was not an infection risk for others.
Britain will explore every avenue for a trade deal with the European Union but progress to bridge significant gaps needs to be made in the coming days, British Prime Minister Boris Johnson told French President Emmanuel Macron on Saturday.
Speculators increased their bullish positions in COMEX gold and cut them in silver contracts in the week to Oct. 6, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.
Physical gold was sold at a premium in India last week for the first time since mid-August as jewellers stocked up, hoping key festivals would bring customers back to stores.
Silver eased 0.4 per cent to $25.02 per ounce, platinum fell 1 per cent to $876.80, and palladium was down 0.2 per cent to $2,435.35.