Gold futures climbed sharply on Monday, extending their streak of gains to a third consecutive session. Weakness in the U.S. dollar and 10-year Treasury yield, expectations for lower interest rates among global central banks, as well as geopolitical concerns continued to support haven demand for the precious metal.
August gold rose $18.10, or 1.3%, to settle at $1,418.20 on Comex. Prices saw their highest most-active contract finish since August 28, 2013, according to FactSet data.
Gold futures gave up almost all of their earlier gains by Tuesday afternoon, though still marked the highest most-active contract settlement since August 2013.
Federal Reserve Chairman Jerome Powell suggested Tuesday that an interest-rate cut in July is not a done deal. Following those comments, George Gero, managing director at RBC Wealth Management, said he expected to see profit taking in gold. A July interest-rate cut has been widely expected by investors and economists.
August gold rose...
Oil futures split two ways on Monday, with U.S. prices ending higher but global benchmark Brent crude posting a loss as the U.S. announced new sanctions on Iran.
President Donald Trump on Monday signed an executive order imposing financial sanctions on Iranian leaders, according to pool reports from the White House.
In Monday dealings, August West Texas Intermediate crude climbed by 47 cents, or 0.8%, to settle at $57.90 a barrel on the New York Mercantile Exchange. That was the highest...
Gold prices resumed a push higher on Monday, as flows into the precious metal continued on improved prospects for easier monetary policy from the Federal Reserve and other central banks.
August gold rose $12.60, or 0.9%, to $1,412.60 an ounce, nearing session highs of $1,414.80 an ounce. On Friday, gold settled above $1,400 an ounce for the first time since Sept. 3, 2013, according to FactSet. The contract rose 0.2% to finish at $1,400.10 an ounce, and gained 4.1% for the week.
Tokyo's leading Nikkei stocks index opened marginally lower on Tuesday after a quiet Wall Street session with all eyes on a heavily anticipated US-China meeting at the Group of 20 summit later this week.
The benchmark Nikkei 225 index was down 0.03 percent or 5.44 points at 21,280.55 in early trade, while the broader Topix index was up 0.12 percent or 1.89 points at 1,549.63.