By Barani Krishnan
Investing.com – Gold stayed within striking distance of the $1,800 per ounce target on Monday, with the safe-haven crowd keeping the yellow metal in positive territory despite an unexpected ramp up in risk by investors shrugging off some of their fears over the Covid-19.
for August delivery settled up 90 cents, or 0.05%, at $1,781.20 per ounce on New York’s Comex. On Thursday, the benchmark gold futures contract spiked to $1,796.10 , the highest reached on COMEX since November 2011.
, which tracks real-time trades in bullion, rose by 80 cents, or 0.05%, at $1,772.27 by 3:24 PM ET (19:24 GMT). The bullion indicator hit an intraday high of $1,779.45 on Thursday, marking a peak since October 2012.
“Gold is continuing to edge its way towards its next huge test, which will come around $1,800,” said Craig Erlam, markets strategist at New York-based online trading platform OANDA.
“A break above here could be huge but, as has been the case for so long with gold, we may just have to be a little patient. The strength of the dollar continues to slow the ascent but it is gradually falling out of favor as economies reopen.”
The , a contrarian trade to gold, was up 0.07% at 97.472, measured by an index pitting the greenback against a basket of six currencies.
On Wall Street, the rose 1.8% as investors overcame some lingering jitters over the Covid-19, whose global infection rate surpassed the 10 million mark over the weekend. U.S. stocks also rallied on Monday as Boeing (NYSE:) made a show of the rectification process for its grounded 737 MAX jets that gave some hopes of recovery for the badly impacted aviation industry.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.