After showing a strong upward move in the previous session, the price of gold saw some further upside during trading on Monday. Gold for June delivery closed up $4.60 at $694.50 an ounce after ending Friday’s trading up more than $10 an ounce.

With the increase, the price of gold ended the session at its best closing level since May of 2005, climbing back near the key $700 an ounce level.

The continued increase by the price of gold was partly due to some weakness in the value of the U.S. dollar, which fell to a 15-year low against the British pound. Some traders moved their money out of the currency and into gold.

The price of gold initially moved lower following the release of stronger than expected U.S. retail sales data, but it moved back to the upside over the course of the session. Some traders were looking ahead to the release of Tuesday’s consumer inflation data.

The turnaround by the price of gold was partly due to a rebound by the price of oil, which climbed back near the unchanged line after falling as low as $62.55 a barrel.

Other metal prices turned in a mixed performance, with the prices of copper and platinum moving higher along with the price of gold. Copper for May delivery closed up $0.0075 at $3.5395 a pound, while platinum for July delivery closed up $3.10 at $1,289.50 an ounce.

On the other hand, silver for May delivery closed down $0.01 at $14.08 an ounce, while palladium for June delivery closed down $2.05 at $379 an ounce.

source news : nasdaq.com

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