Gold Futures Settle Higher As Dollar Slips

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Gold futures moved higher and hit a 5-1/2-month closing high on Monday as the dollar lost ground against most of its peers, and the yield on long-term treasury bonds dropped.

The decline of cryptocurrencies contributed as well to gold’s uptick.

The dollar index dropped to a low of 89.76 around mid morning, and was last seen at 89.85, down nearly 0.2% from the previous close.

Gold futures for June ended higher by $7.80 or about 0.4% at $1,884.50 an ounce, the highest close since early January.

Silver futures for July closed up by $0.419 at $27.905 an ounce, while Copper futures for July settled at $4.5255 per pound, up $0.0445 from the previous close.

The yield on 10-year U.S. Treasury Notes dropped to 1.62% ahead of crucial economic data. Data on new home sales, consumer confidence, durable goods orders and personal income and spending are due during the course of this week.

The material has been provided by InstaForex Company – www.instaforex.com

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