Gold rose to the loftiest level since mid-April on Monday, extending strong gains from last week as expectations for further monetary easing from the US Federal Reserve kept sentiment buoyant. Spot gold rose to $1,676.45 an ounce, its highest in more than four months, before giving up some gains to trade at $1,674.40 per ounce by 0620 GMT, after posting a 3.4-percent rise last week. US gold rose 0.3 percent to $1,677.
Technical analysis suggested that spot gold could rise to $1,693 per ounce during the day, said Reuters market analyst Wang Tao. Speculators raised their net long positions in US gold futures and options to 140,126 lots in the week ended August 21, the highest since the beginning of May, said the US Commodity Futures Trading Commission.
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