Investing.com - Gold prices gained in Asia on Monday as
investors sought to take advantage of recent declines despite a
strong dollar after the Federal Reserve at the weekend suggested
interest rates may rise sooner than expected.
On the Comex division of the New York Mercantile Exchange, gold
for December delivery traded at $1,281.70 a troy ounce, up 0.49%,
after settling at $1,280.20 a troy ounce by close of trade on
Friday. Prices hit $1,273.40 an ounce on Thursday, the lowest since
Speaking at the Federal Reserve's annual meeting of top central
bankers and economists in Jackson Hole, Wyoming, Fed Chair Janet
Yellen said the U.S. economy is recovering and added the labor
market is improving as well.
Her comments came after minutes of the Fed's July meeting
published Wednesday showed that some officials believe the
strengthening recovery and ongoing improvement in the labor market
supports a move towards tightening monetary policy.
Meanwhile, tensions over the crisis in Ukraine remained in focus
after NATO said it was observing an alarming increase in Russian
forces near the border with Ukraine.
Ukraine declared on Friday that Russia had launched a "direct
invasion" of its territory after Moscow sent a convoy of aid trucks
across the border into eastern Ukraine where pro-Russian rebels are
fighting government forces.
The precious metal is often seen as a haven investment in times
of geopolitical uncertainty.
In the week ahead, investors will be looking ahead to key U.S.
data for further indications on the strength of the economy and the
possible future path of monetary policy.
The U.S. will produce data on second quarter gross domestic
product, as well as reports on new home sales, durable goods orders
and initial jobless claims.
Also on the Comex, silver for September delivery was flat at
$19.459 a troy ounce. Prices fell to $19.28 on Thursday, the lowest
since June 12. On the week, the September silver futures contract
declined 0.71%, or 14.0 cents, the sixth consecutive weekly
Elsewhere in metals trading, Copper for September delivery was
also flat at $3.223 a pound. Comex
tacked on 0.96%, or 3.1 cents, last week amid speculation weakening
economic growth in China will prompt policymakers to introduce
fresh stimulus measures.
The Asian nation is the world's largest copper consumer,
accounting for almost 40% of world consumption last year.
offers an extensive set of professional tools for the financial
Read more News on Investing.com and download the new
Investing.com Stocks & Forex App