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.
Bullion prices marked their worst week in two months as data showed U.S. inflation will likely take much longer to cool than initially expected. The reading drove up expectations of more inflation-busting rate hikes when the Fed meets in November.Markets are pricing in a nearly 100% chance that the Fed will hike rates by 75 basis points for a third consecutive month in November. The hike will put U.S. interest rates at around 4%, their highest level since late 2007.
Spot gold rose 0.1% to $1,646.02 an ounce, while gold futures rose 0.2% to $1,651.35 an ounce by 19:25 ET (23:25 GMT). Both instruments fell more than 3% in the prior week.
The yellow metal remained pressured by a strong dollar, which stayed within sight of a 20-year peak hit last month. U.S. Treasury yields also traded at their highest levels since the 2008 financial crisis.
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