Gold fell to its lowest level in a week on Monday as investors sought safety in the U.S. dollar on concerns about a selloff in global stocks worsened by worries over economic growth in China. “The strong U.S. dollar and expectations of more interest rate hikes are pushing gold down and scaring gold investors.
London copper rebounded to a high of $6,224.5/mt from a low of $6,126/mt on Monday. This helped it stand firmly above the 20-day moving average. The SHFE 1811 contract reversed some gains overnight after hitting a high of 50,320 yuan/mt, which was near the five-day moving average.
Oil prices rose on Tuesday as more evidence emerged that crude exports from Iran, OPEC’s third-largest producer, are declining in the run-up to the re-imposition of U.S. sanctions and as a hurricane moved across the Gulf of Mexico.
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