Base metals and gold prices were sliding, with investors awaiting key central bank meetings due later this week.
“The macro environment is a tug-of-war between the dovish Fed and risk-on trading and lower growth/demand expectations,” Peak Trading Research said.
Investors will be looking to see how Tuesday’s U.S. consumer inflation data as well as ECB and the Fed meetings, due later in the week, shape the macroeconomic environment, Peak said.
Weak inflation and dovish comments from the Fed should weaken the dollar, it added.