Gold prices begin week extending gains
The precious-metal prices are climbing trading close to a one month high as investors are purchasing commodities on anticipations that economic growth is improving therefore increasing demand for raw materials, which increases the appeal of gold as an investment.
Yesterday, gold climbed $11.30 or 1.02% to close at $1116.22 an ounce while the dollar lost strength six major currencies which are measured by the Dollar Index, declined Friday to close at 80.37 while recording a high of 80.80 and a low of 80.12.
Among other precious metals; platinum is traded at $1557.50; palladium at $435.50; silver at $16.73; while, copper is at $337.98. Turning to commodity futures we see that last week, S&P GSCI closed at 517.48 points recording a high of 518.78 points and a low of 509.11 points while RJ/CRB Commodity closed at 274.77 points recording a high of 275.07 points and a low of 270.87.
SPDR gold trust Friday, the largest exchange-traded fund backed by bullion in the world, remained unchanged at 1,106.987 metric tons. Gold was set in London on Friday at $1108.25 per ounce declining from $1112.50 per ounce during the AM fixing.
In addition, stocks in Asia climbed after JPMorgan Chase & Co. increased their ratings on Japan's biggest financial institutions while mining company stocks also climbed, therefore supporting the overall Asian stock markets.
Turning to oil, we see that prices extend their gains as a result of Iran threatening to cut back oil exports to Europe as a result of the Tehran's contentious nuclear program.
Currently, spot gold is traded at $1121.61 an ounce recording a high of $1123.39 an ounce and a low of $1115.02 an ounce.