Gold futures are climbing to their best levels in more than a month as financial markets remain quiet ahead of key developments later this week. Gold prices are trying to recoup last week’s losses, stemming mostly from the holiday trade.
December gold futures rose $8.29, or 0.64%, to $1,295.60 per ounce at 16:35 GMT on Monday. The yellow metal has not traded this high since the end of October, and is welcomed relief for gold bugs following last week’s 0.5% weekly decline.
Silver, the sister commodity to gold, is also rallying to start the trading week. December silver futures jumped $0.05, or 0.30%, to $17.04 an ounce. The white metal, too, suffered a weekly decline of 1.2% last week.
Precious metals are being buoyed by a weaker US dollar as the greenback slumped 0.05%. A lower dollar is good for commodities like gold and silver because it makes it cheaper for foreign investors to buy.
Gold is further benefiting from a more cautious Federal Reserve. Minutes from the November Federal Open Market Committee (FOMC) meeting found that the US central bank is taking a gradual approach to raising interest rates in 2018. The market is still betting that the Fed will pull the trigger on final 2017 rate hike next month.
Gold is generally sensitive to a
The market will be paying attention to the US Senate’s first vote on the Republicans’ tax reform plan. Traders have been arguing that President Donald Trump is finding it increasingly difficult to move ahead with his
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