Gold futures settled lower on Monday, extending their winning streak to six consecutive weeks—the longest run for a most-active contract since August 2020.
Price movement
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The most actively traded gold futures contract, for delivery in April, fell 0.3% to $1,939.20 an ounce as prices of the yellow metal continue to stay near their lowest levels since October 2
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Silver prices for March SI00, +0.14%, increased by 11 cents, or 0.5%, to $23.733 an ounce on Monday
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March palladium rose to $1,628 an ounce, and platinum gained 0.4% to $1,020.60 for April delivery.
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Copper prices fell by 2 cents, or 0.5%, to $4.202 a pound on the Comex division of the New York Mercantile Exchange in March.
Market drivers
Analysts blamed gold’s Monday pullback on profit-taking, following an epic bull run that sent the yellow metal to a nine-month high.
Investors are also waiting to hear what Federal Reserve Chairman Jerome Powell says about inflation.
Gold futures are in a brief correction, with some traders taking profits ahead of the Federal Reserve’s highly anticipated monetary policy meeting this week.
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