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.
Gold’s gains last week came after a Fed meeting in which the central bank held rates steady but spoke of “uncertainties” over the U.S. economic outlook. The European Central Bank and Bank of England also made dovish comments during the week. Precious metals like gold tend to attract buyers in a low interest-rate climate.
Source : Marketwatch