METALS ON RISE AHEAD OF ECONOMIC DATA
Precious Metal prices are on the move Monday morning as Gold rose to its highest level in nearly two weeks. As investors prepare for the release of important economic data this week, Gold received a boost from a surprise move out of China. The world’s second largest Gold market decided to cut interest rates, which in turn lifted Gold’s safe haven demand. Mitsubishi Corp strategist Jonathan Butler said, “Anything that helps stimulate consumer spending is Gold favorable because there are more chances of higher purchases of consumer jewelry and Gold bars.”
As investors continue to digest economic news out of China and await this week’s economic data, oil continues to struggle. Slipping under $61 per barrel, oil prices lost more than 2 percent Monday as the U.S. dollar showed signs of strength and Libya increased its crude oil output. With an over-supply in the market, some analysts are expecting an uphill climb. Commerzbank senior oil and commodities analyst Carsten Fritsch told Reuters Global Oil Forum, “All in all the market is still over-supplied by a wide margin. We expect Brent [crude] to come under pressure again in Q2.”
At 10:11 a.m. (ET), the APMEX Precious Metals spot prices were:
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