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Gold traded lower on Monday, with investors making gains after a series of seven uptrends, the biggest uptrend since July 2020.
In particular, the December delivery of gold lost $ 1.90 or 0.1% and closed at $ 1,866.60 per ounce. The precious metal closed last week with a total profit of 2.9%.
The rise of the US dollar today and the strengthening of yields on bond yields have dampened the attractiveness of the precious metal. The dollar, based on the ICE US Dollar index, is gaining 0.3% today, while the 10-year US yield is climbing to 1.614% from 1.583% on Friday night.
Copper suffered the biggest losses, with the December contract losing 1.1% to $ 4.40 a pound. As for the rest of the metals, January platinum gained 0.7% to $ 1,096.90 per ounce, while palladium for December strengthened 1.8% to $ 2,156.10 per ounce.