Washington: Gold prices remained steady on Monday after recent declines, as a stronger US dollar and fading hopes for an early interest rate cut by the Federal Reserve limited investor demand for the precious metal.

Spot gold was trading around 3,998 dollars per ounce, while US gold futures were at about $ 4,009 . The yellow metal had reached a record high of $ 4,381 in mid-October but has since dropped by nearly 10 percent as market sentiment shifted.

The dollar’s strength has been a major factor behind gold’s recent weakness. A stronger greenback makes gold more expensive for buyers using other currencies, reducing demand in global markets. At the same time, investors have scaled back expectations of a rate cut by the Federal Reserve in December. The chances of a cut have fallen to a

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