2019.11.1118:07:00UTC+00Gold Futures Settle At 3-month Lows

Gold prices edged lower on Monday with increased risk appetite pushing up stock prices and resulting in a drop in demand for the safe haven commodity.

Despite the uncertainty surrounding Sino-U.S. trade negotiations, traders continue to bet on stocks amid hopes the world's two largest economies will work out a deal sometime soon.

The dollar drifted down as well, but the yellow metal still found the going tough despite having edged higher earlier in the session.

The dollar index eased to 98.13 in early trades and was last seen at 98.17, down by about 0.19% from previous close.

Gold futures for December ended down $5.80, or about 0.4%, at $1,457.10 an ounce, the lowest settlement in nearly three months. Gold futures touched a low of $1,448.90 in the session.

On Friday, gold futures for December ended down $3.50, or 0.2%, at $1,462.90 an ounce. Gold futures shed about 3.2% last week.

Silver futures for December ended down $0.021, at $16.802 an ounce, while Copper futures for December settled at $2.6640 per pound, down $0.0180 from previous close.

After closing at record highs on Friday, the major U.S. averages were struggling to move higher Monday morning, with investors looking for fresh direction.

U.S. President Donald Trump is scheduled to speak at the Economic Club of New York on Tuesday and the Federal Reserve Chairman Jerome Powell's testimony before the Congressional Joint Economic Committee on Wednesday.