Gold prices drop on Monday as dollar ticks up

Gold prices dipped today, Nov. 28, as dollar inched higher amid escalated protests in several Chinese cities over the COVID-19 strict restrictions and monitoring expectations for US interest rates.

"Gold prices have been tracking the U.S. dollar's moves closely, and increased uncertainty from the growing unrest in China seems to be underpinning the dollar this morning," said IG Market strategist Yeap Jun Rong.

Markets are also waiting for the Federal Reserve Chair Jerome Powell's speech on Wednesday, Nov. 30, on the US economy and labor market for clues on the monetary policy outlook ahead of the US November job data.

Gold futures for December delivery slipped 0.18% to $1,750.80 per ounce at 10:35 am Makkah time. Spot prices declined 0.16% to $1,750.83 per ounce.

Silver futures for December delivery traded 0.70% lower at $21.27. Palladium lost 0.18% to $1,852.72, while platinum rose 0.17% to $982.16.

The dollar index was up 0.1% to 106.14 points.