Gold prices drifted lower on Monday, after having closed at near 8-week high in the previous session.

However, a weak dollar and another drop in U.S. bond yields limited the yellow metal’s downside. The dollar weakened and benchmark U.S. 10-year Treasury yields edged lower towards multi-week lows touched last week after the U.S. Federal Reserve reiterated its view that any spike in inflation was likely to be temporary.

The dollar index dropped to 91.03, losing about 0.6%.

Gold futures for June ended lower by $9.60 or about 0.5% at $1,770.60 an ounce.

Silver futures for May ended down $0.268 or about 1% at $25.837 an ounce, while Copper futures for May settled at $4.2380 per pound, gaining $0.0700 or 1.7%.

Traders were looking ahead to the European Central Bank’s monetary policy announcement, due on Thursday.

The material has been provided by InstaForex Company – www.instaforex.com

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