Gold hits four week high
Bullion prices ended the U.S. day session moderately higher on Monday, 13 October 2014 at Comex and gold hit a four-week high. More safe-haven demand was featured amid the recent U.S. stock market sell-off. Gold prices caught an updraft on Monday, rallying nicely as traders headed toward the equity exits to kick off a heavy week of corporate earnings.
Gold for December delivery was up $12.90, or 1%, at $1,234.40 an ounce. Gold ended last week in the red despite a general move away from equities. It was dute to the weakness on the stronger dollar which continues to dog gold prices. The greenback finished lower ground for the week, though. That's the first time that's happened in three months.
December silver fared even better rallying 18 cents, or 1.1%, to $17.49 an ounce.
The U.S. government and U.S. Treasury markets were closed for the Columbus Day holiday on Monday. There were also no major U.S. economic reports due for release. That made for a bit more subdued market place.
There was upbeat economic data coming out of China on Monday. Import prices rose 7% in September, while exports were up 15% in the period. This is good news for raw commodity market bulls, as China is the world's largest importer of raw commodities.
The U.S. dollar index was solidly lower on Monday, as the greenback bulls are fading a bit after pushing prices to a four-year high last week.
There was no economic data of note released today and tomorrow's session will also be quiet on the economic front.
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