Fears about interest rates and inflation are keeping gold prices rangebound

Monday’s Asian trading saw a pullback in gold prices, which were still comfortably within a recent trading range as concerns about longer-term, higher U.S. rates increased ahead of important economic data. gold futures expiring in March dropped 0.4% to $2,041.85 an ounce, while spot gold declined 0.2% to $2,032.32 an ounce.

Since higher rates increase the opportunity cost of investing in gold. Silver prices ending in May dropped 0.5% to $23.078 an ounce, while platinum futures expiring in April declined 0.7% to $901.35 an ounce. Monday saw a modest decline in copper prices among industrial metals, reversing some of the recent gains as markets expected more significant economic data from China this week.

May expiration copper futures dropped 0.2% to $3.8760 per pound. This week, the primary focus will be on purchasing managers index data from China, the top copper importer, as these are predicted to provide additional indicators of a possible economic revival in the nation.

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