Source: Marketwatch
New York— Gold futures rose Monday to their strongest level in more than a month, as signs of improved Chinese oil demand and comments from a Federal Reserve official that U.S. interest rates would stay low pressured the dollar. Gold for February delivery rose as high as $1,163 an ounce in electronic trading on Globex. "The positive economic news out of China following the poor U.S. jobs number on Friday led to a surge in the oil and commodity prices and a fall in the dollar and this led to gold's strength," analysts at GoldCore said in a note.
In recent trading, the contract gained $16, or 1.4%, to $1,154.90 an ounce. Gold futures had posted modest gains Friday on the Comex division of the New York Mercantile Exchange, finishing the week 3.9% higher. Gold prices have found support as the dollar fell against most major currencies. The precious metal and the greenback have had a very strong inverse correlation: When the dollar declines in the value, gold prices tend to rise. See full story.
Share This Post
Choose Your Platform: Facebook Twitter Linkedin