Gold prices moved higher again on Monday amid light trading with many traders taking an extended holiday weekend. The precious metal was boosted by a weaker U.S. dollar as well as concerns over the looming earnings reports later in the week.
June-dated gold ended at $895.80, up $12.50 for the session. Gold for immediate delivery finished at $894.70, also up $12.50 for the session.
The dollar weakened against the higher-yielding euro and pound on Monday in New York, increasing gold's hedge appeal. Gold usually moves opposite the dollar.
Monday's trading was light, as expected, with European markets closed along with a number of Asian markets.
Corporate news is likely to remain in focus with traders mulling the latest batch of earnings reports. Meanwhile, the Treasury Department is directing General Motors (GM) to prepare for a bankruptcy filing by a June 1 deadline, the New York Times reported, citing unidentified people with knowledge of the plans.
An assortment of economic data will be released on Tuesday morning. Producer price index data highlights the economic calendar, with the report expected at 8:30 a.m. ET. At the same time, retail sales data for March will also be made public. At 10 a.m. ET, business inventories data for February is set for release.
On Friday, gold fell to $883.30 an ounce, a decline of $2.60 for the day. The metal closed the holiday-shortened week up $14 an ounce.
Crude oil prices also dropped on Monday and tested the key $50 per barrel mark. Light sweet crude for May delivery dropped to $50.05, down $2.19 on the day.
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