Gold prices retreated from one-month highs on Monday, as traders locked in some profits after two weeks of gains, while copper prices fell tracking weak economic growth data from major importer China.
Metal prices saw strong gains over the past two weeks as the dollar slumped to 15-month lows, tracking a string of weak U.S. inflation readings. The weak data also spurred increasing bets that the Federal Reserve was close to ending its rate hike cycle for the year.
But gains in gold were also somewhat limited by signs of resilience in the U.S. economy, which in turn weighed on safe haven demand for the yellow metal. Prices have largely stalled after reaching the $1,960 an ounce level last week.
Spot gold fell 0.2% to $1,951.51 an ounce, while gold futures fell 0.5% to $1,955.45 an ounce by 22:33 ET (02:33 GMT). The two instruments surged 1.6% over the past week.
XAUUSD
BUY 1961 - 1963 💯💯
✅ TP1: 1957
✅ TP2: 1952
✅ TP2: 1948
🛑 SL: 1967
Metal prices saw strong gains over the past two weeks as the dollar slumped to 15-month lows, tracking a string of weak U.S. inflation readings. The weak data also spurred increasing bets that the Federal Reserve was close to ending its rate hike cycle for the year.
But gains in gold were also somewhat limited by signs of resilience in the U.S. economy, which in turn weighed on safe haven demand for the yellow metal. Prices have largely stalled after reaching the $1,960 an ounce level last week.
Spot gold fell 0.2% to $1,951.51 an ounce, while gold futures fell 0.5% to $1,955.45 an ounce by 22:33 ET (02:33 GMT). The two instruments surged 1.6% over the past week.
XAUUSD
BUY 1961 - 1963 💯💯 ✅ TP1: 1957
✅ TP2: 1952
✅ TP2: 1948
🛑 SL: 1967
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HIT TP3 ✅✅✅
