Gold traded lower Monday, starting the week on a softer note as traders said a positive tone for stocks and other assets perceived as risky robbed the metal of haven-related demand.
“While prices continue to hover around the $1,300 level within the broader $1,275—$1,325 range, I suspect gold market participants are keeping a close eye on macro developments hoping for an extension of lower real interest rates before aggressively chasing gold prices higher,” said Stephen Innes, head of trading and market strategy at SPI Asset Management, in a note.
May copper HGK9, -0.58% fell 1.65 cents, or 0.6%, to $2.9295 a pound.
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