Gold prices drifted lower on Monday, as the greenback held its gains against most major currencies.
Amid uncertainty about outlook for global economic growth due to U.S.-China trade war concerns, traders have turned to the dollar as a safe haven option, given the possibility of a couple of rate hikes by the Federal Reserve this calendar
Meanwhile, reacting to U.S. President Donald Trump’s protectionist policy, Chinese state media unleashed a brutal and personal attack on him, saying Trump was “starring in his own carefully orchestrated street fighter-style
deceitful drama” in which diplomacy had been reduced to a “trading game in which everything should follow the rule of America first”.
Gold futures for December ended down $5.50, or 0.40%, at $1,217.70 an ounce.
Gold futures for December ended up up $3.10, or nearly 0.2%, at $1,223.20 an ounce on Friday, but shed about 0.8% last week, recording losses for the fourth successive week.
Silver futures for September declined $0.117, or 0.76%, to $15.345 an ounce.
Copper futures for September declined $0.038, or 1.39%, at 2.725 per pound.
The dollar index was up 0.19, or 0.20%, at 95.22.