Gold Pinned Below $1,650, Copper Awaits Major Production Reports
Gold prices inched higher on Monday but were pinned below key support levels as markets feared more interest rate hikes by the Federal Reserve, while copper markets awaited quarterly production figures from some of the biggest miners in the world, due later this week.
Oil prices reversed earlier losses and inched up in Asian trade on Friday, supported by a weaker U.S. dollar and as diesel inventories fell, while Saudi Arabia and Washington continued to clash over plans by OPEC+ to slash production.
Gold prices fell on Friday and were set to close the week lower amid fears of more interest rate hikes by the Federal Reserve, while signs of tightening supply helped copper and aluminum prices weather a worsening economic outlook.
