Gold down on firmer dollar demand

Gold edged down on a firmer dollar ahead of a speech by Federal Reserve Chairman Janet Yellen which may give hints or possible interest rate hikes by US central bank.

Spot gold slipped 0.2% to USD 1,241.11 per ounce by 0046 GMT. It hit a near 6-week low of USD 1,236.46 in the previous session.

US gold futures for August delivery dropped 0.3% to USD 1,241.90 per ounce.

The Federal Reserve’s Janet Yellen is set to deliver a speech in Europe on Tuesday. Markets are expecting Yellen to maintain a positive outlook on the US economy despite a recent batch of weak US economic data, thereby supporting the Fed's forecast of raising interest rates once more this year and 3 times next year.

Meanwhile, Russia raised its gold holdings by 7.2 tonnes to 1,687.3 tonnes in April, according to IMF data.

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