Producers of metals and other raw materials were flat as traders hedged their bets on the outlook for global economic growth.
Optimism about Chinese economic growth sapped demand for the safe-haven dollar, which in turn buoyed the prices of precious metals. Gold futures traded at their highest level since June. It was unclear whether the rapid spread of Covid in China would offset efforts to reinvigorate the economy there, however.
"While cases and casualties will likely rise, the government clearly wishes to promote economic growth now and springtime will likely witness a near full opening in China, especially after the National People's Congress in March," said John Vail, chief global strategist at brokerage Nikko Asset Management, in a note to clients.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
12-27-22 1725ET
