- Gold prices struggled for direction in quiet trade on Monday, as market players continued to monitor movements in the U.S. dollar and global stock markets.The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.1% to 99.08.Meanwhile, global equity markets were lower as oil prices fell below the $28-level to hit a fresh 13-year low, adding to fears over the outlook for global growth.
- Copper prices bounced back from a new seven-year low in Europe trade on Monday, but gains remained limited amid ongoing concerns over the health of the global economy. The red metal is sensitive to the economic growth outlook because of its widespread uses across industries.
- Brent oil futures fell below the $28-level to hit a fresh 13-year low on Monday, as international sanctions against Iran’s nuclear program were lifted over the weekend, opening the door to a wave of new oil and adding to concerns that a global glut will linger.Analysts say the country could quickly ramp up exports by around 500,000 barrels.
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