Gold prices gained marginally last week, about 0.60% higher; however, the yellow precious metal was down about 0.16% to $2020.90 an ounce on Monday as the U.S. dollar (DXY) ticked 0.13% higher. The safe-haven demand for the metal might also be impacted by easing concerns over Israel-Gaza.
Meanwhile, investors keep a close watch on the key US inflation data that could influence the outlook for interest rates, while most Asian markets remain closed for the Lunar New Year.
Among other precious metals, silver climbed 1.32%, and platinum and palladium also remained in green territory, up 1% and 3.2%, respectively.
Moving towards energy, oil prices receded on Monday as Israel said that it “concluded” a series of attacks in southern Gaza, allaying worries about Middle Eastern supplies. Previously, oil prices jumped about 6% when Minister Benjamin Netanyahu rejected a ceasefire proposal from Hamas.
Brent Crude futures fell below $82 per barrel on Monday, paring gains from last week. In other news, US energy companies have added the most oil and gas rigs since mid-December, which could indicate greater output.
Among base metals, copper prices ticked marginally higher, up 0.32% on Monday during early trade, breaking its 10-day losing streak. Base metal prices fell as expanding stocks and worries about sluggish demand affected investor confidence. Data revealed that stocks in LME warehouses reached their highest since 2017, which led to a drop to a two-month low. Following a strong increase in inventories in Singapore LME warehouses, zinc stockpiles reached a five-month high last week.
Elsewhere in the agriculture market, soybeans and cocoa moved higher, while wheat turned lower.