Dollar hovers near one-week high (Recasts, adds comments, and updates prices)
June 14 (Reuters) - Gold fell nearly 1% on Monday to its lowest in more than a week, weighed down by a stronger dollar, while investors awaited the outcome of the U.S. Federal Reserve policy meeting due this week with recent spikes in consumer prices seen as a temporary blip.
Spot gold was down 0.9% at $1,860.44 per ounce, as of 0654 GMT, its lowest since June 4. U.S. gold futures fell 0.9% to $1,862.20.
“The market is starting to anticipate maybe a modest pivot towards discussing taper and it’s sending investors into more of an either profit-taking or reducing gold and also currency positions,” said Stephen Innes, managing partner at SPI Asset Management.