The precious metal hit a low of $1199.67 an ounce on Monday, the lowest since February 17, while currently trading around $1210.80 from the opening at $1206.04.
Gold locked its fourth straight weekly decline last week, while headed for its worst monthly drop since June 2013.
The metal has been under pressure since the release of the Fed’s minutes for April meeting, where Yellen said on Friday the Fed should raise interest rates in the “coming months” if the economy picks up as predicted and jobs continue to be created, raising expectations for a June or July rate increase.
Federal Reserve President James Bullard mentioned on Monday that global markets were ready for an interest rate increase in the summer, moving in line with latest comments from Fed Chair Janet Yellen.
“My sense is that markets are well-prepared for a possible rate increase globally, and that this is not too surprising given our liftoff from December and the policy of the committee which has been to try to normalize rates slowly and gradually over time,” Bullard said.
The dollar eased from the highest level since March the previous session, while currently trading higher around 95.80.
Later in the day, the U.S. will release personal spending, S&P/CS Composite-20 HPI, Chicago PMI and consumer confidence.
However, investors will give utmost attention to labor market data that will starts with the release of the ADP employment on Wednesday and ends with the awaited NFP on Friday.
