Dollar index up 0.4
Powell39;s speech on Wednesday awaited
Spot gold may revisit Nov 23 low of 1,727.50 technicals

Nov 28 Reuters Gold prices slipped on Monday, as the dollar strengthened on safehaven demand triggered by protests in several Chinese cities over the country39;s strict COVID19 restrictions.

Spot gold was down 0.4 at 1,748.84 per ounce, as of 0555 GMT. U.S. gold futures fell 0.3 to 1,749.60.

The dollar index was up 0.4, making the greenbackpriced bullion more expensive for buyers holding other currencies.

Gold prices have been tracking the U.S. dollar39;s moves closely, and increased uncertainty from the growing unrest in China seems to be underpinning the dollar this morning, said IG market strategist Yeap Jun Rong.

Hundreds of demonstrators and police clashed in Shanghai on Sunday night as protests over China39;s stringent COVID restrictions flared for a third day and spread to several cities in the wake of a deadly fire in the country39;s far west.

Meanwhile, China on Monday reported a fifth straight daily record of new local coronavirus cases.

People may be shifting to defensive assets considering the COVID situation in China, but the dollar39;s gains are currently overshadowing gold39;s safehaven status, Yeap said.

Next on investor radar is Federal Reserve Chair Jerome Powell39;s Wednesday speech on the U.S. economy and labour market for clues on the monetary policy outlook.

A majority of market participants are pricing in a 50 basispoint…