RTTNews - Gold prices finished slightly higher on Monday as the dollar recovered early weakness versus the euro, limiting the hedge appeal of the precious metal. Traders looked ahead to bigger corporate and economic data later in the week.
August-stamped gold futures ended at $953.50, up 40 cents on the session. Prices briefly touched as high as $960 for the first time since June 11.
The precious metal added slightly to its moderate gains from last week. Despite a decline on Friday, gold added $15.60 last week.
The greenback bounced back against the euro after earlier slipping to a support level near an eight-month low. The buck saw slight weakness versus the British pound and Canadian loonie.
On the economic front, a Commerce Department report showed new home sales jumped 11 percent to an annual rate of 384,000 in June from the revised May rate of 346,000. Economists had expected sales to rise to 352,000 from the 342,000 originally reported for the previous month.
More economic news is on the way tomorrow. The S&P/Case-Shiller home price index is expected at 9 a.m. ET. The index is expected to drop 17.8% in the month of May, compared to a drop of 18.12% in April.
The Conference Board's consumer confidence report is due at 10 a.m. ET with a reading of 48.7 expected for July, compared to a 49.3 from the month of June.
Also at 10 a.m. ET, San Francisco Federal Reserve Bank President Janet Yellen is expected to give a speech to the Idaho/Oregon Bankers Association on the economic outlook in Couer d'Alene, Idaho.
For comments and feedback: contact email@example.com