Finance

Gold Prices Head Toward Six-Year High

Gold prices continued their march toward a six-year high on Monday, with weakness in the U.S. dollar and 10-year Treasury yields, expectations for lower interest rates among global central banks and geopolitical concerns all contributing to haven demand for the precious metal, MarketWatch reported.

August gold rose $18.10, or 1.3%, to settle at $1,418.20 an ounce, after trading as high as $1,421. Prices saw their highest most-active contract settlement since August 28, 2013, according to FactSet. That followed a gain of 4.1% last week.

Gold’s gains last week came after a Fed meeting in which the central bank held rates steady but spoke of “uncertainties” over the U.S. economic outlook. The European Central Bank and Bank of England also made dovish comments during the week. Precious metals like gold tend to attract buyers in a low interest-rate climate.

Elsewhere, July silver rose or 0.6%, to $15.38 an ounce after gaining 3.3% last week while July copper added 0.04% to $2.71 a pound.

Gold prices continued their march toward a six-year high on Monday, with weakness in the U.S. dollar and 10-year Treasury yields, expectations for lower interest rates among global central banks and geopolitical concerns all contributing to haven demand for the precious metal, MarketWatch reported.

August gold rose $18.10, or 1.3%, to settle at $1,418.20 an ounce, after trading as high as $1,421. Prices saw their highest most-active contract settlement since August 28, 2013, according to FactSet. That followed a gain of 4.1% last week.

Gold’s gains last week came after a Fed meeting in which the central bank held rates steady but spoke of “uncertainties” over the U.S. economic outlook. The European Central Bank and Bank of England also made dovish comments during the week. Precious metals like gold tend to attract buyers in a low interest-rate climate.

Elsewhere, July silver rose or 0.6%, to $15.38 an ounce after gaining 3.3% last week while July copper added 0.04% to $2.71 a pound.

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