Producers of metals and other raw materials ticked up as traders hedged their bets on the outlook for global trade and economic growth.
Tensions between the U.S. and China rose after President Joe Biden and Chinese Premier Xi Jinping spoke for the first time since Mr. Biden’s election, diminishing hopes that the trade war would end with the Trump administration. Mr. Biden reportedly raised issues such as Taiwan and human rights, ruffling feathers among the Chinese leadership.
Gold for April delivery lost $15.90, or 0.9%, to settle at $1,826.80 an ounce, ending a recent run of gains. A new commodity “supercycle” may have commenced, following the end of the last 20-year boom that ended in 2008, suggesting that oil, metals and grains could soon see large capital inflows, said analysts at brokerage JPMorgan.
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(END) Dow Jones Newswires
February 11, 2021 16:47 ET (21:47 GMT)
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