Gold price declined slightly despite a weaker U.S. dollar. Gold on Monday rose on demand for safe-haven assets as global stock markets dropped due to concerns over the weak global economic growth and falling oil prices.
Market participants are awaiting a speech by the Fed Chairwoman Janet Yellen. She will testify before Congress on Wednesday and Thursday. Yellen will report on monetary policy. Hints for further interest rate hikes are likely to weigh on gold price.
March futures for gold on the COMEX today decreased to 1192.90 dollars per ounce.