Gold Falls Amid US-China Tensions, Copper Surges
Gold prices declined on Monday due to caution ahead of US-China talks and ongoing Middle East tensions, which provided little support. The metal retreated after a positive performance last week, when declining Treasury yields following an interest rate hike by the Federal Reserve offered brief clarity on the US economy.
WTI crude oil prices fell nearly 2% in Asian trading, extending losses from last week. Investors focused on diplomatic efforts to end the US-Iran conflict even as fresh attacks by Yemen's Iran-backed Houthis kept tensions elevated.
Copper futures climbed to around $6.65 per pound, extending gains for a fifth session on signs of strengthening demand and tighter global supply. The metal built on last week's momentum driven by shrinking inventories and positive manufacturing data from major consumers.