WASHINGTON (dpa-AFX) - Gold prices fell on Monday as the dollar climbed higher against most major currencies on safe-haven demand on recession worries as Russia turned off Nord Stream 1 for annual maintenance.
Following Russia's decision to turn off Nord, the biggest pipeline carrying Russian gas to Germany, the latter has warned that Moscow could halt gas flows permanently. It is feared the shutdown might be extended due to war in Ukraine.
Last week's stronger-than-expected jobs data has added to expectations of another 75-basis points rate hike by the Fed at the upcoming meeting later this month.
The dollar index surged to a fresh near two-decade high to 108.19 before paring some gains. It was last seen hovering around 108.00, up nearly 1% from the previous close.
Gold futures for August ended down by $10.60 or about 0.6% at $1,731.70 an ounce.
Silver futures for September ended lower by $0.104 at $19.132 an ounce, while Copper futures for September settled at $3.4305 per pound, down $0.0915 from the previous close.
Traders largely stayed cautious, looking ahead to the release of consumer and producer price inflation, retail sales and industrial production, due later this week.
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