Gold price has fallen from a high of $2,015.07 to a low of $1,981.19 on the day amid the rebound in the US Dollar as the hawks move back in over the sentiment surrounding the Federal Reserve again.

Federal Reserve´s Governor Christopher Waller said that despite a year of aggressive rate increases, the Fed "hasn't made much progress" in returning inflation to their 2% target and argued that rates still need to go up. We also had consumer spending for the past quarter, and the April survey of business activity in New York state rising for the first time in five months, the US Dollar gained 0.6%. This is making greenback-bullion less attractive for overseas buyers, while benchmark Treasury yields climbed to a more than two-week high.

On Monday, President and CEO of the Federal Reserve Bank of Richmond Thomas Barkin explained that he wants to see more evidence of inflation settling back to target. Barkin also said he feels reassured by what he is seeing in the banking sector. Meanwhile, Fed funds futures are showing that the expectations that the Fed will start cutting rates later this year have been pushed back to November from September, with a smaller cut now expected also.