Thanks to a generally stronger dollar amid heightened expectations of a faster-tightening cycle from the Fed, market participants have apparently reduced their holdings in buck-denominated precious metals.
Gold made headway for the sixth day in a row in heavy trade on Monday as the metal continues to make up lost ground following Donald Trump's victory and as the dollar weakens and interest rates in the U.S. trend lower again.
Intercontinental Exchange (ICE) is looking into setting up a London-based metals trading system, industry sources familiar with the matter said, more than four years after its failed attempt to buy the London Metal Exchange.
Gold and silver have risen for the third straight day and both precious metals look set to close the week higher. Over the past nine weeks, gold has risen on eight occasions. Silver meanwhile has risen in each of the past nine weeks.