Ammon News - Gold slipped from a near two-week high on Monday as the dollar crept higher, although increased expectations of interest rate cuts in the U.S. following Federal Reserve Chair Jerome Powell's dovish pivot last week lent some support to bullion.

Spot gold was down 0.2% at $3,365.83 per ounce, as of 0440 GMT, after hitting its highest since August 11 on Friday.

U.S. gold futures for December delivery eased 0.2% to $3,410.20.

The U.S. dollar index rose 0.2% against its rivals after dropping to a four-week low, making gold less attractive to overseas buyers.

Powell on Friday signalled a possible rate cut at the U.S. central bank's meeting next month, saying that risks to the job market were rising but inflation remained a threat, and that a decision wasn't set in stone.

Markets are now pricing in an 87% chance of a quarter-point rate cut at the September 17 policy meeting, and a cumulative 48 basis points of reductions by this year-end, according to CME FedWatch Tool.

Elsewhere, spot silver was flat at $38.81 per ounce, platinum fell 0.4% to $1,355.47 and palladium slipped 0.8% to $1,116.82. Reuters