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Spot gold may rise into $1,933-$1,942 range- technicals
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U.S. markets closed for Martin Luther King Day
Jan 16 (Reuters) - Gold prices eased off from their highest levels in nearly nine months scaled early Monday as the dollar recouped losses, although expectations of slower interest rate hikes from the U.S. Federal Reserve kept bullion's positive outlook intact.
Spot gold dipped 0.2% to $1,916.26 per ounce, as of 0754 GMT. Earlier in the session, prices hit $1,929 per ounce, a peak since late April.
U.S. gold futures fell 0.1% to $1,919.90.
The dollar index reclaimed lost ground, making greenback-priced gold a less-attractive bet.
Gold still sees some support as the market holds view that the U.S. Fed's rate-hike cycle is slowing and may come to an end soon, said Ilya Spivak, head of global macro at Tastylive.
The Fed raised rates by 75 basis points (bps) four times last year, before slowing to a 50 bps increase in December. Most traders expect a 25 bps hike at the U.S. central bank's next policy meeting on Jan. 31-Feb. 1.
Bullion is a non-yielding asset, hence, tends to benefit amid lower rates as it reduces returns on other assets such as government bonds and the dollar.
Spot gold may rise into a range of $1,933 to $1,942 per ounce, according to Reuters technical analyst Wang Tao.
Investors will also keep an eye out for the U.S. retail sales data due on Wednesday.
Spot silver edged 0.1% higher to $24.28, after hitting a near two-week peak. Silver is a safe-haven asset, but is also used to manufacture goods including solar panels, automobiles and electronics.
"The growing adoption of green energy sources continues to favour fabrication demand for silver ... Silver bar and coin demand continued to be high," ANZ said in a note.
"We expect silver to perform well, in tandem with gold, as investors look for cheaper alternatives to gold."
Platinum lost 0.3% to $1,061.88 and palladium slipped 1.3% to $1,765.96. (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Uttaresh.V, Rashmi Aich and Sherry Jacob-Phillips)
