WASHINGTON (dpa-AFX) - Gold futures settled lower on Monday, losing ground for a second straight session, amid uncertainty about fresh tariffs by the Trump administration, and the interest rate path of the Federal Reserve.
Gold futures for March settled at $3,013.10 an ounce, losing $5.10 or about 0.17%.
Silver futures for March closed down $0.025 or 0.08% at $33.265 an ounce, while Copper futures for March dropped to $5.0510, down $0.0365 or about 0.75%.
Although media reports suggested earlier that upcoming US trade tariffs would be more targeted and less severe than initially expected, President Donald Trump announced today that he would soon impose duties on autos, aluminum, and pharmaceuticals.
On the geopolitical front, U.S. and Russian officials began talks in Saudi Arabia today aimed at making progress towards a broad ceasefire in Ukraine.
Amid much uncertainty about the U.S. economic outlook, investors look ahead to the release of the Federal Reserve's preferred readings on consumer price inflation along with other reports on durable goods orders, weekly jobless claims and new and pending home sales this week for further direction.
New York Federal Reserve President John Williams said in a speech on Friday the U.S. central bank's monetary policy is in the right place and there's no urgency to make any changes to interest rates, given the myriad uncertainties facing the economy.
Chicago Fed President Austan Goolsbee also argued for the Fed standing aside until more clarity emerged.
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