Gold prices moved in a very tight range on Monday, amid mounting concerns about the ongoing trade war between the U.S. and its partners and its likely impact on the global economy.
The dollar, despite losing some ground against some major currencies, especially against the pound sterling, is expected to remain steady, as markets expect the Federal Reserve will hike interest rates this month.
Gold futures for December ended down $0.60, or 0.05%, at $1,199.80 an ounce. On Friday, gold futures ended down $3.90, or 0.3%, at $1,200.40 an ounce.
Silver futures for December settled at $14.181 an ounce, gaining $0.011, while Copper futures ended up $0.055, at $2.6280 per pound.
Speculation about a rate hike has increased following last week’s jobs report from the Labor Department that showed an addition of 201,000 jobs in August and a surprise rise in wages.
On the trade front, the U.S. President Donald Trump threatened on Friday that his administration would impose new tariffs on $267 billion of Chinese goods. Trump also called on Apple to move production from China to the United States to avoid suffering the consequences of his trade war with Beijing.
Trump reportedly told a columnist for The Wall Street Journal last week that he was “still bothered by the terms of U.S. trade with Japan.”