Gold prices moved higher on Monday, extending gains to a fourth straight session, as the dollar continued to slide against its major counterparts amid expectations the central bank will hold rates near zero for the foreseeable future.
Weakness in U.S. stock market contributed as well to increased demand for the safe-haven yellow metal.
The dollar index dropped to a near 2-1/2-year low, sliding to 90.04, before recovering to 90.19, still down marginally from previous close.
Gold futures for June ended up by $6.30 or about 0.3% at $1,837.60 an ounce, the highest settlement since February 10.
Silver futures for July ended up $0.015 or about 0.05% at $27.492 an ounce, while Copper futures for July settled at $4.7160 per pound, down $0.0325 or 0.7% from previous close.
Data released by the Labor Department on Friday showed a much less than expected increase in U.S. non-farm payroll employment in the month of April, raising prospects for a low interest regime for a longer duration. The data showed the economy added 266,000 jobs in April after surging by a downwardly revised 770,000 jobs in March.
Economists had expected employment to spike by 978,000 jobs compared to the jump of 916,000 jobs originally reported for the previous month.
The material has been provided by InstaForex Company – www.instaforex.com