SMM News: gold futures prices closed higher on Monday. Weaker US dollar and 10-year Treasury yields, interest rate cuts by the Fed and other central banks around the world, geopolitical tensions and other factors have increased demand for safe-haven investments in precious metals.
"the dollar, as measured by the dollar index (DXY), is generally weak, and 10-year bond yields in countries such as the US, Germany, Italy and the UK have generally fallen, driving gold prices higher on Monday," said Dana Samuelson, president of (American Gold Exchange), a precious metals and rare hard currency trading intermediary. "
"driven by expectations of a devaluation and a gradual decline in Treasury yields, the gold market looks likely to continue to rise slowly," he said. The trend is your friend, and the price trend of gold is clearly rising. "
Gold for August delivery rose $18.10, or 1.3%, to close at $1418.20 an ounce on the New York Mercantile Exchange, after hitting an intraday high of $1421.
According to FactSet, $1418.20 an ounce is the highest closing price for the most active contract since Aug. 28, 2013.
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