Gold, silver futures close lower Monday

International gold and silver prices closed higher on Monday.

On the New York Mercantile Exchange, gold futures for December delivery rose 0.97 percent to settle at 4,114.50 U.S. dollars per ounce, while silver futures for December delivery gained 1.45 percent to close at 52.693 dollars per ounce.

The 31st United Nations Climate Change Conference (COP31) opened Monday in the Turkish coastal city of Antalya with a focus on translating global climate commitments into concrete action.

The conference will focus on three key areas, including implementing emissions reduction targets, delivering climate finance to developing countries, and strengthening adaptation and resilience, with the aim of turning commitments made at previous climate summits into tangible outcomes, according to the organizers.

For the first time, the conference adopted a "dual presidency" model: Türkiye served as the host country, advancing the global climate action agenda, while Australia presided over the negotiations.

On the opening day, both sides highlighted barriers to climate action, including those related to infrastructure, finance, and technology, as well as the challenges facing vulnerable countries.

A leaders' summit will be held from Wednesday to Thursday, which aims to strengthen global cooperation and political momentum for fulfilling climate commitments, More than 90 heads of state and government are expected to attend.

Reports say the U.S. government will once again not attend the climate negotiations, following its absence from the previous conference.

The conference, which runs through Nov. 20, brings together government officials and representatives of international organizations, research institutions, businesses and non-governmental organizations from nearly 200 countries and regions, organizers said.