Gold ticks lower, traders assess Fed rate trajectory

Gold prices ticked down in light trade on Monday, pressured by a stronger dollar, as investors assessed the path ahead for interest rates following hawkish remarks from U.S. Federal Reserve policymakers.

Spot gold fell 0.2% to $1,953.69 per ounce by 0715 GMT. U.S. gold futures were 0.2% lower to $1,966.30.

Fed officials struck a hawkish tone in their first comments since the central bank held the policy interest rate steady at its meeting last week.

"Gold has spent the majority of June between $1,935-$1,970, and with no obvious catalyst on the horizon, traders prefer to trade the ranges and not fully commit to a breakout," said Matt Simpson, senior market analyst at City Index.

U.S. stock markets will be closed on Monday for the Juneteenth holiday.