Gold adds to losses as dollar hits new highs

Copper prices kept falling on Wednesday as the dollar kept rising and hitting new highs against major rivals, pressuring the industrial metal. 

Copper last traded at $2.473 a pound, down from the opening of $2.507, with a session-high at $2.511, and a low at $2.463. 

Copper's drop comes on wide profit-taking in commodity markets as the dollar surges further, and amid expectations of a Fed rate hike in December, weighing on commodities. 

Higher interest rates will shift liquidity to the banking and bonds sector and raise demand on the dollar, in turn hurting copper, even as the new U.S. administration promises increased spending on infrastructure, which usually supports demand on copper, an important industrial metal.  

The dollar index, gauging the greenback against a basket of major rivals, rose to an eleven-month high at 100.55 from the opening of 100.18, with a session-low at 99.91, while last trading at 100.24, which triggered further profit-taking on copper futures.