Gold futures fell the most in three weeks on speculation that the Federal Reserve will further curb monetary stimulus as the U.S. economy recovers, crimping demand for the metal as an alternative investment.
Copper futures fell for the second straight day as a government report showing job growth trailed estimates triggered concerns that demand will falter in the U.S., the world’s second-biggest user of the metal.
Gold fell to a five-week low in New York as signs of economic recovery in the U.S. boosted speculation the Federal Reserve will further pare stimulus, curbing demand for the precious metal as a store of value.
Copper dropped for a 10th day, heading for the longest losing streak since at least April 1986, on signs of weakening demand after manufacturing slowed in China and the U.S., the world’s top metals consumers.
Gold traders are setting their sights on $1,400 an ounce, a price not reached since September, as the worst standoff between the West and Russia since the end of the Cold War increases demand for the metal as a haven.