By Gina Lee

Investing.com – Gold was up on Monday morning in Asia. The yellow metal lost some of its gains due to persistent inflation and strengthening data.

After falling more than one week, the dollar edged upwards 0.13%, to $1,786.15 (12:03 ET) (4:03 GMT). It is now below $1,800. After reaching its highest point since Friday, the dollar, which moves in an opposite direction to gold, climbed on Monday.

U.S. data released on Friday challenged the Fed’s position that current inflationary pressures are temporary and will ease soon. This is the longest period of inflation seen since 30 years. In September, it was at 4.4 and had risen 0.3%.

U.S. Treasury Secretary Janet Yellen stated on Friday however that inflation is still a temporary consequence of supply chain bottlenecks and will return to normal in 2022.

The policy decision will be handed down by the on Wednesday.

In Asia Pacific,   for October was 50.6. The PMI and were released earlier in the day at 52.4 and 49.2 respectively.

As upcoming festivals increased demand, physical gold sold at a premium in India over the week before. Premiums for top consumers in China fell, however.

Silver fell 0.2% in other precious metals. Platinum rose 0.5%, while palladium fell 0.3% to $1,996.90