NEW YORK: US gold and copper futures climbed Monday as participants monitored the performance of the dollar while cautiously looking at the slowing economy in major metals consumer China.
FUNDAMENTALS
Gold held near $1,660 an ounce, taking a breather after recording its first weekly rise with the focus on the performance of the dollar and other commodity markets.
Copper rose Monday as investors traded cautiously ahead of key data this week, weighing up signs of improved demand in the world's largest economy in the US against lackluster demand in top consumer China.
A major quake hit central Chile but there was no serious damage and big mines in the world's top copper producer were operating normally.
Money managers in gold futures and options cut their bullish bets for a third straight week to the weakest level in two months.
ECONOMY
No major US economic data due.
MARKETS
European shares rose on the coattails of an unexpected rise in a German sentiment index. Spanish stocks weakened after an election result that could hamper the ruling party's austerity plans.
Crude oil declined on renewed worries over the financial stability of the euro zone, though concerns over supplies from the Middle East limited losses.
Comments
Comments are closed for this article.