Commodities
Gold Prices Soften as Stocks Rebound Sharply in North America
Monday marked a softening of gold and silver prices as stocks rebounded sharply in North America, while oil prices fell for a fourth consecutive session.
The US dollar index was firmer, with spot gold trading near $4,337.20 an ounce, down 0.95%, and spot silver at $66.080, down 0.44% on the session.
North American equity markets closed broadly higher, with the S&P 500 rising 1.5% to 7,764.70 and the Dow Jones Industrial Average advancing 0.7% to 52,048.83.
Rania Gule, market analyst at XS.com, noted that conflicting fundamental factors are shaping the market, with higher yields and Fed-hike pricing limiting upside momentum while geopolitical risk and central-bank demand continue to support longer-horizon buying interest.