Copper headed for the steepest decline in six weeks in New York as a hawkish Federal Reserve crimped the outlook for demand, outweighing supply risks. Gold recovered as the US dollar lost early gains.
higher-for-longer interest rates to curb inflation at the Fed’s Jackson Hole symposium on Friday, sparking broad declines across financial assets. The worsening sentiment on copper demand took precedence over further signs that supply is under threat, with Chile’s Codelco becoming the latest major producer to cut output guidance.
Copper fell as much as 3.6% to $3.563 a pound Monday in New York. The London Metal Exchange is closed due to a holiday in the UK. Meanwhile, gold pared losses after the dollar retreated, and traded little changed at $1,739.09 an ounce as of 10:54 a.m. in New York. Gold is heading for a fifth monthly decline, the longest such stretch in four years, as higher interest rates dull the allure of the non-interest bearing metal. A stronger dollar has also weighed on gold priced in the US currency. The two-year Treasury yield reached the“Gold prices continue to fluctuate, mostly tracking the dollar as investors digest a wrath of hawkish central bank speak from Jackson Hole,” said Ed Moya, senior market analyst at Oanda.
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