Gold futures rose for the second consecutive day on Monday, continue to rebound from last week’s low for 34 months as investors returned to the market for cheap valuations.
On the Comex division of the New York Mercantile Exchange was trading Gold futures for August delivery at $ 1 244.35 a troy ounce during European morning hours, up 1.7% on the day.
Gold prices rose at the Comex by up to 1.9% earlier in the session to reach its highest price for the day at 1, 247.25 dollars per ounce.
Was likely to find support at 1 gold, $ 180.35 an ounce, the lowest price on Friday, and in the 34-month low and resistance at 1, 276.05 dollars per ounce, the highest price since June 26.
Precious metal extended gains from the previous session as traders closed bets on lower prices after futures moved in the region to reach oversold territory, a move known as covering a short position.
Gold prices fell for 1, $ 180.35 per ounce of Friday, the lowest price since August 3, 2010.
Precious metal fell nearly 23% in the second quarter, the largest quarterly loss ever, amid speculation the Federal Reserve will begin bond-buying program will end in the coming months.
Gold prices are on track and fell by 27% on an annual basis, the worst annual decline since 1981, after rising in each year of the past 12 years.
I was feeling on precious metals pessimistic in recent months amid growing expectations the Fed will end the bond-buying program by the end of this year.
Tracks the movements in the price of gold this year, largely transform expectations about whether the U.S. central bank سيتهي bond-buying program sooner than expected.
Market participants awaited data on non-farm payrolls from the United States later this week for clues about the recovery in the labor market in the United States.
Was likely to reinforce the view that the Fed will reduce to buy bonds in the coming months when you see any signs of improvement in the U.S. economy.
Elsewhere on the Comex rose, silver for September delivery rose 1.6% to trade at 19.78. Day dollars per ounce, the lowest price on Friday, and silver prices fell to the lowest price at 18.18 dollars per ounce, less price Mnsz 24 August 2010.
At the same time, copper for September delivery rose by 1.9% to trade at 3.116 Dolarlertal.
And copper’s strong performance came despite growing fears of a slowdown in China’s industrial activity.
Purchasing managers’ index for the Chinese manufacturing 50.1 in June, surpassing expectations 50.0, following a reading of 50.8 in May.
Separately, purchasing managers index fell HSBC in China to its lowest price in nine months, from 48.2 in June, down from a preliminary reading of 48.3 and well below the 50 level that separates contraction from expansion.
China is the largest consumer of copper in the world, which represents almost 40% of world consumption last year.
