Investing.com– Gold prices were muted on Monday, but retained a bulk of last week’s gains as easing concerns over rising U.S. interest rates pulled down the dollar.
Industrial metals saw strong gains, with copper prices rising 0.6% to a 1-½ month high on the prospect of more stimulus measures in major importer China.
A weaker dollar helped commodity prices across the board, as a string of weak labor and inflation readings over the past week saw traders betting that the Federal Reserve was done raising interest rates.
This notion pushed the to an over two-month low, and also brought down Treasury yields.
Gold was a major beneficiary of this trade, with the yellow metal now once again coming within sight of the coveted $2,000 an ounce level. Gold prices rallied over 2% in the past week.
was flat at $1,982.49 an ounce, while expiring in December steadied at $1,984.85 an ounce by 00:17 ET (05:17 GMT).
Fed rate cuts in focus, meeting minutes awaited
Traders were now pricing in the possibility that the Fed could begin cutting interest rates by as soon as March 2024, although tool only showed a 30% chance of such a scenario.
Near-term, markets were…
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