©Reuters.
Investing.com — Gold prices rose in Asian trading on Monday, but remained well below recent highs as sustained dollar strength weighed on the metals market.
Expectations for further clues on U.S. inflation and interest rates also pushed investors heavily toward the dollar, although metals markets saw some buying on Friday after a sharp decline.
By 1:13 a.m. ET (5:13 p.m. Japan time), prices for April expirations were up 0.2% to $2,169.77 an ounce and up 0.5% to $2,170.55 an ounce. Ta.
Gold Nurse falls from record high, dollar strengthens
Bullion prices are trading well below the all-time highs reached last week, and signals from the Federal Reserve to cut interest rates have spurred a big rally in the yellow metal.
But gold plummeted from record highs over the weekend as investors focused primarily on the dollar, the only high-yielding, low-risk currency, following dovish signals from other central banks.
It rose 0.4% on Monday, its highest level in a month. The dollar's strength was also driven by expectations for the Fed's recommended inflation measure to be released later this week, as well as a series of comments from Fed officials throughout the week.
Other precious metals were in a mixed picture on Monday following sharp declines in the previous session. It rose 0.6% to $913.40 an ounce, while it fell 0.1% to $24.812 an ounce.
Copper prices rebound, but still fall short of 11-month high
Among industrial metals, copper prices rebounded sharply on Monday after falling sharply in the previous session. Friday's decline left copper prices well below the 11-month high reached last week.
On the London Metal Exchange, it rose 0.6% to $8,911.0 a tonne and rose 0.8% to $4.0315 a pound.
The red metal fell from last week's 11-month high after Friday's data showed global copper supplies may not be as tight as initially expected. Copper's recent rally was largely driven by expectations for tight supply after major Chinese oil refiners signaled plans to cut production.
But Chinese figures on Friday showed the country's copper inventories have surged to a four-year high in recent months, showing supplies remain strong in the world's biggest copper importer.
