This Monday, new COVID disruptions in China are affecting copper demand. In this environment, metal prices have been moderate, while gold prices have moved little, hovering around key support levels.

Metal markets recovered earlier this month following signs of slowing US inflation. They are expected to remain under pressure in the months to come, as inflation remains well above the Fed's annual 2% target.

Spot gold rose 0.1% to $1,752.81 per ounce, while gold futures rose up to $1,754.90 per ounce at 19:05 ET (00:05 GMT). Both instruments fell by nearly 2% last week after Fed members warned against raising interest rates.

Among industrial metals, copper prices were little changed on Monday after recording deadly losses last week due to concerns over the top Chinese importer. Copper futures remained stable around $3.6405 per pound after falling 7.2% last week — their worst week since the end of August.