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2023.12.1109:16:00UTC+00Gold Dips Below $2,000 Ahead Of Key Events

Gold prices dipped below the key $2,000 per ounce level on Monday as the dollar strengthened ahead of a slew of central bank meetings and key U.S. economic data due later in the week that could dent market hopes for rate cuts next year.

Spot gold dropped half a percent to $1,993.17 per ounce, while U.S. gold futures were down 0.3 percent at $2,008.95.

After an upbeat nonfarm payrolls report, investors have scaled back expectations for a March rate cut by the Federal Reserve.

The Fed meets this week, with analysts expecting no change in rates.

The so-called dot plots for rates, Chair Jerome Powell's press conference and Tuesday's CPI report for November could influence interest rate expectations.

The European Central Bank, Bank of England, Norges Bank and the Swiss National Bank also have their rate setting meetings this week, with Norway's Norges Bank facing a tough choice on whether or not to go ahead with a final quarter-point rate hike.

Elsewhere, the Japanese yen kicked off the new week on a softer note after reports indicated that Bank of Japan (BoJ) Governor Kazuo Ueda's comments last week were taken out of context and not meant to signal anything about the timing of a policy shift.

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