Producers of metals and other raw materials rose alongside inflation expectations.
Gold futures have risen for seven straight sessions, the longest winning streak since July 2020, as traders reject the Federal Reserve's argument that a spike in consumer prices will be a "transitory" one.
"High prices are eating away at wage growth, with real wages still negative for most workers," said economists at brokerage Bank of America Securities, in a note to clients.
"The double-whammy of a cost and wage push into prices is likely leaving the Fed uncomfortable. The risks of earlier hikes - next summer, if not before - are on the rise."
In a potentially good sign for global trade, President Biden and Chinese President Xi Jinping plan to hold a virtual summit on Monday, The Wall Street Journal reported, as the two leading world economies pledge to work together on climate change but differences remain over Taiwan and other fronts.
The Biden administration is moving to ease import tariffs on Japanese steel and aluminum, The Wall Street Journal reported, in the latest step by the White House to reset trade relations with allies. Steelmakers with a large U.S. presence, including Nucor and ArcelorMittal, lost ground.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
11-12-21 1631ET
