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Commodity Capsule: Gold flat as markets assess Fed's interest rate outlook
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Commodity Capsule: Gold prices held in a tight range on Monday, facing continued weakness after the Federal Reserve's warning on higher for longer interest rates.
Strength in the dollar and yields extends pressure.
The yellow metal traded largely rangebound in recent weeks.
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Fed had last week warned that rates could still rise further this year, and will fall by a smaller-than-expected margin in 2023, likely remaining above 5 per cent.
Rising interest rates also saw investors largely stick to the dollar as their preferred safe haven, as global economic conditions appeared to be deteriorating.
Major economies are dealing with a resurgence in inflation on the back of higher oil prices, which could stymie growth this year.
Gold found some support in recent sessions, amid growing fears of a US government shutdown.
Metals lose sheen amid China property jitters
Industrial metals moved little on Monday, amid growing concerns over more economic headwinds in China.
LME copper and Nickel ended the prior week lower.
Concerns over China’s property market came to the fore on Monday after embattled developer China Evergrande Group said it will be unable to issue new debt due to an ongoing government investigation into a unit.
China's sector is struggling with a three-year-long cash crunch and has seen limited fiscal support from Beijing.
Focus this week is also on Chinese purchasing managers' index data, due on Friday, for more cues on business activity.
Oil climbs with tight supply back in focus
Oil prices rose on Monday as investors focused on a tighter supply outlook after Moscow issued a temporary ban on fuel exports while remaining wary of further rate hikes that could dampen demand.
Both crude oil contracts snapped a three-week winning streak to fall last week after the hawkish Federal Reserve stance rattled global financial sectors and raised oil demand concerns.
Prices had rallied over 10 per cent in the past four weeks on forecasts of a wide crude supply deficit in the fourth quarter after Saudi Arabia and Russia extended additional supply cuts to the end of the year.
Last week, Moscow temporarily banned gasoline and diesel exports to most countries to stabilise the domestic market.
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