2022.05.1610:23:00UTC+00Gold Dips On Dollar Strength

Gold prices were moving lower on Monday after posting their fourth consecutive weekly decline.

Spot gold dipped half a percent to $1,803.70 per ounce and U.S. gold futures were down 0.3 percent at $1,802.10 as the dollar consolidated gains near a two-decade peak.

Earlier in the day, prices fell over 1 percent to their lowest level since late January amid the prospects for a more aggressive policy tightening by the U.S. Federal Reserve.

Federal Reserve Bank of Cleveland President Loretta Mester said on Friday the U.S. central bank needs to press forward with aggressive rate rises for several months before officials can safely conclude inflation has peaked.

Equity markets traded mixed, with U.S. stock futures struggling for direction ahead of a big earnings week for retailers. Walmart, Target and Home Depot are all set to report results for the first quarter this week.

Growth worries resurfaced after China reported shockingly weak data.

Data from the National Bureau of Statistics showed that China's industrial output contracted 2.9 percent year-on-year in April - missing expectations for an increase of 0.4 percent and down from 5.0 percent in March.

Retail sales tumbled an annual 11.1 percent in April - again shy of forecasts for a decline of 6.1 percent after slipping 3.5 percent in the previous month.

The jobless rate came in at 6.1 percent in April, accelerating from 5.8 percent in March.