Gold dropped 0.1% to $1,923.94 per ounce on Monday as the US currency remained stable amid Federal Reserve policymakers’ announcement that interest rates will remain higher for longer.

Gold is consolidating and could fall to $1,900 if the Fed raises rates.

The dollar reached a six-month high and 10-year Treasury yields were near a 16-year high.

SPDR Gold Trust reported its lowest holdings since Jan 2020.

Silver increased 0.2%, platinum fell 0.6%, and palladium fell 0.4%.