Gold prices continue inclines at start of week
Gold prices begin the week inclining as a result of anticipations that investors will begin seeking safe-haven investments, which would boost gold prices to high's therefore, investors are currently turning to gold seeking potential in profits.
Friday, gold rose $9.80 or 0.80% to close at $1226.47 an ounce while the dollar lost strength six major currencies which are measured by the Dollar Index, rose Friday to close at 87.38 while recording a high of 87.64 and a low of 86.93.
Among other precious metals; platinum is traded at $1553.50 from $1542.50; palladium at $453.00 from $450.00; silver at $18.44 from $18.31; while, copper is at $296.86 from $295.52. Turning to commodity futures we see last week Friday, S&P GSCI closed at 493.10 points recording a high of 497.67 points and a low of 489.75 points while RJ/CRB Commodity closed at 255.92 points recording a high of 255.92 points and a low of 255.92.
SPDR gold trust, the largest exchange-traded fund backed by bullion in the world, stood steady at 1,306.13 metric tons. Gold was set in London on Friday at $1220.00 per ounce declining from $1220.50 per ounce during the AM fixing.
In addition, stocks in Asia climbed for the third consecutive day as a result of higher consumer confidence in the U.S., as data revealed on Friday, therefore, this increased risk appetite, pushing investors to higher yielding assets.
Turning to oil, we see that prices are rising as a result of projections that there will be higher demand on energy products, especially as the world's biggest consumer, the U.S. posted higher consumer confidence, meaning increased future demand on oil.
Currently, spot gold is traded at $1232.53 an ounce recording a high of $1233.96 an ounce and a low of $1229.45 an ounce.