Gold prices rallied on Monday, recovering slightly from last week’s slump


Gold prices rallied on Monday, recovering slightly from last week’s slump. Copper prices, on the other hand, did not change much before the important data from the USA and the Census financial statements in the coming days.

Rising US Treasury yields weighed on gold prices in recent sessions due to rising interest rates and concerns about the downgrade of the US rating, as well as the recovery of the US dollar.

Despite some weaker-than-expected relief from the lack of data on farm revenues on Friday, gold still closed the week at 1% – weak performance for more than a month.

Spot temperature rise 0.
Gold futures for December delivery were up 0.2% at $1,979.60 an ounce as of 20:46 ET (00:46 GMT). Chapter

Steel markets are now focused on Thursday’s consumer price index for more on the world’s largest economy.

Inflation is expected to return after the fall in June. This development may increase the expectations for a rate hike from the Central Bank.
While stocks rise, gold is expected to pull back further with strong economic data.

Expectation of longer-term US interest rates has weighed heavily on gold in recent weeks as investors opted for a recovery despite Fitch’s downgrade of the US rating.
sovereign rating

Fitch’s downgrade also led to an increase in US Treasury bond yields due to non-yielding commodities such as gold.

Other major metals were mixed on Monday but again lower from last week.
Platinum futures rose 0.4%, while silver futures fell 0.2%.

Copper fell on Monday as various economic indicators in China were focused this week.

Copper futures fell 0%.
1% to $3,8500 per pound.

The world’s largest copper exporter will release financial and economic data this week, both of which will provide additional clues about the country’s economy.

Although China’s copper imports have held steady this year, the country’s poor economy has added to concerns about weak demand.

Data released last week also showed that the economy started the third quarter weakly.

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