Gold futures were retreating from a five-week high Monday but were holding above the psychologically significant price at $1,800 in the final week of trading in 2021.
Contracts for gold for February delivery GCG22, -0.02% GC00, -0.02% were trading $4.70, or 0.3%, lower on Monday, pulling back from their highest level since Nov. 19.
Trading on Comex was closed Friday in observance of Christmas last week, when gold put in a weekly advance of 0.4%. For the year, gold futures are on track to decline by 4.6%, FactSet data show.
Gold’s retreat to start the week comes as the dollar was gaining some traction, with little data and news to constrain the buck in the week following Christmas. Greenbacks were rising 0.2% on the session and have gained nearly 7% so far in 2021, as measured by the ICE U.S. Dollar Index DXY, 0.07%. A stronger dollar could impede buying in commodities priced in the currency such as precious metals.