In the midst of some monetary policy uncertainty in the United States, gold prices fluctuated on Monday. Meanwhile, copper prices fell substantially after key importer China announced a slumped than anticipated GDP, dampening hopes for a robust recovery in demand.

Despite some ambiguity around American monetary policy, gold prices were fluctuating on Monday. Yet hopes for a strong recovery in demand were dashed after China, a major importer, revealed a weaker-than-expected 2023 GDP target.

Spot gold dropped 0.2% to $1,852.26 per ounce, while gold futures edged up 0.2% to $1,858.15 per ounce. Both gauges edged above 2% in the previous week.

Although though China earlier this year reduced most anti-COVID restrictions, the forecast increased worries that the country's rebound won't be as strong as first anticipated.

In light of the ongoing uncertainty about when exactly U.S. rates would peak, other precious metals diversified. Silver prices ticked up by 0.3% to $21.308 per ounce, while platinum futures declined by 0.2% to $977.30 per ounce.