Investing.com-- Gold prices steadied in Asian trade on Monday as traders awaited more cues on U.S. interest rates from a string of Federal Reserve speakers this week, while bets on a November cut persisted.

Among industrial metals, copper prices dipped as signals on fiscal stimulus in top importer China largely underwhelmed, while weak inflation data added to concerns over the country.

Gold remained in sight of a September record high, as the prospect of an eventual decline in U.S. interest rates still buoyed precious metals. Persistent concerns over the Middle East conflict also kept safe haven demand in play.

Spot gold fell 0.1% to $2,655.82 an ounce, while gold futures expiring in December fell 0.1% to $2,672.60 an ounce by 23:53 ET (03:53 GMT).

Gold muted with more Fed cues on tap

Gold prices remained near recent peaks, although further momentum in the yellow metal was stalled by bets on a slower pace of interest rate cuts by the Fed.

Focus this week is on addresses by several Fed officials, starting with Minneapolis Fed President Neel Kashkari and Governor Christopher Waller later on Monday.

The Fed is widely expected to cut rates by a smaller, 25 basis points in November, especially after recent inflation and labor market readings read above expectations.

But an eventual decline in U.S. rates is still expected to benefit gold, given that lower rates reduce the opportunity cost of investing in non-yielding assets.

Gold also continued to benefit from safe haven demand, as traders feared a potential escalation in the Middle East conflict, especially if Israel attacks Iran’s oil infrastructure.

Other precious metals fell on Monday. Platinum futures sank 0.9% to $985.45 an ounce, while silver futures fell 0.8% to $31.495 an ounce.

Copper dips as China stimulus underwhelms

Benchmark copper futures on the London Metal Exchange fell 0.6% to $9,749.50 a ton, while December copper futures fell 0.8% to $4.4505 a pound.

Weak economic signals from China- the world’s biggest copper importer- were a major weight on prices.

China’s finance ministry said in a weekend briefing that it will implement a slew of fiscal stimulus measures to support economic growth. But a lack of key details on the planned measures- specifically their size and timing- left investors wanting.

Inflation data from China also underwhelmed. Consumer inflation unexpectedly eased in September, while producer inflation shrank for a 23rd consecutive month.

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