Gold prices jumped to their highest in more than a month on Monday, on fund buying driven by stronger-than-expected Chinese import data, firm oil prices and a drop in the US dollar against other currencies. Platinum, mainly used in auto catalysts, rose to levels not seen since August 2008, while silver tracked gold to reach its highest price in more than a month.
With Japanese markets closed, volume was thin. Gold was quoted at $1,154.30 an ounce by 0637 GMT, up $16.40 from New York's notional close on Friday. It rose as high as $1,157.65 an ounce, its strongest level since December 8 - but still below a lifetime high of $1,226.10 hit in early December.
"The fact that the dollar has weakened has obviously helped to sustain its rally. We are going to be looking towards the $1,200-level again," said Darren Heathcote, head of trading at Investec Australia in Sydney. US gold futures for February delivery hit an intraday high of $1,163 an ounce, their best level since December 8, before slipping to $1,154.7 an ounce, still $15.8 higher than the previous close.
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