Shares of commodities producers rose ahead of a Federal Reserve meeting later this week.
Weaker inflation data in recent months had prompted bets the Federal Reserve would postpone its rate increase plans, weighing on the dollar and driving up the value of raw materials priced in the dollar.
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But unexpectedly strong August consumer-inflation data last week has driven up the relative value of the dollar, weighing on the price of gold, which closed Monday at a three-week low after retreats in five of the last six sessions.
One reason investors are buying industrial-metals mining companies could be hopes that the central bank will endorse the idea that global and U.S. growth is strengthening. "From an economic perspective, we believe the world economy is probably stronger than it has been at any point this decade," said Bob Doll, chief investment strategist with money manager Nuveen Investments.
Rob Curran, email@example.com
(END) Dow Jones Newswires
September 18, 2017 16:38 ET (20:38 GMT)