By Gina Lee

Investing.com – Gold was down on Monday morning in Asia, retreating from the more-than-five-month high hit during the previous session.

The slipped 0.51% to $1859.05 at 11:01 ET (4:01 GMT), but it remained above $1,800. Although the, which is normally inversely related to gold, fell slightly on Monday, it remained at a close 16-month high.

Mounting inflationary pressure continues to be on investors’ radars. The President of the Federal Reserve Bank of Minneapolis said Sunday that while higher inflation is expected to continue for the next few months the Fed should not react excessively to this temporary increase in inflation.

Separate presentations will be made by Patrick Harker, Patrick Harker, Esther George and Raphael Bostic from the Fed Banks in Richmond, Kansas City and Atlanta. Fed Bank of San Francisco President Mary Daly, and Fed Vice Chairman Richard Clarida will both speak on Tuesday at the Asia Economic Policy Conference.

Janet Yellen, U.S. Treasury secretary, said that controlling COVID-19 within the U.S. is crucial for easing inflationary pressures. Data from the U.S. will also be released on Tuesday

Due to continual supply chain bottlenecks, the Eurozone could see inflation fall faster than predicted across the Atlantic. Two policymakers from the European Central Bank warned Friday against overreacting by taking out stimulus too soon.

A Reuters poll has divided opinion on whether or not the Bank of England will raise its interest rates in December, or the early 2022s.

Other precious metals: Silver fell 1.1% while platinum dropped 0.6%, and palladium plummeted 0.9%.