The increase in COVID-19 cases in China is influencing the evolution of metals. On Tuesday, gold reached a high of nearly 3 months while copper collapsed.

While mixed signals from Federal Reserve officials about the U.S. interest rate trajectory kept the dollar low, gold prices came close to three-month highs on Tuesday. However, copper prices have fallen due to the increase in COVID-19 at the main importer.

Spot gold fell 0.1% to $1,768.72 per ounce, while gold futures fell 0.3% to $1,771.90 per ounce at 19:26 ET (00:26 GMT). But bullion prices rose by more than 5% last week, while the dollar fell after U.S. inflation fell below expectations for October.

Among industrial metals, copper prices were poorly supported by a weaker dollar, trading down 0.3% after falling nearly 3% on Monday. Copper futures fell 0.3% to $3.8290 per pound. The rise in COVID-19 cases in China has dashed hopes for a further relaxation of the country's zero-Covid policy.