Investing.com – Gold futures were up for a second day on Monday, as a broadly weaker U.S. dollar enhanced the appeal of the precious metal, while silver prices edged higher as investors took advantage of last week’s price-drop to enter the market.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at USD1,501.75 a troy ounce during late Asian trade, climbing 0.43%.
It earlier rose as much as 0.55% to USD1,504.75 a troy ounce, the highest price since May 5.
The U.S. dollar declined against most of its major counterparts, as risk appetite strengthened after Friday’s data showing that U.S. employers added 244,000 jobs last month, far outstripping forecasts.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.46% to hit 74.81, pulling back from a two-week high.
Dollar weakness usually benefits gold, as it boosts the metal's appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.
Meanwhile, global financial service provider Barclays recommended buying gold, following the precious metal’s 4% drop last week.
“Nothing has changed, except for the fact that some highly-leveraged speculators have been forced to sell. After the panic has ended, buying opportunities at low prices will abound,” the lender said in a report published earlier in the day.
Elsewhere, silver for July delivery added 0.8% to trade at USD35.89 a troy ounce during late Asian trade, after rising by as much as 1.5% to USD36.30, a daily high.
Silver suffered its worst weekly decline since 1980 last week, plummeting 25.9%, after a series of increases in Comex margin requirements pushed small investors out of the silver market.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at USD1,501.75 a troy ounce during late Asian trade, climbing 0.43%.
It earlier rose as much as 0.55% to USD1,504.75 a troy ounce, the highest price since May 5.
The U.S. dollar declined against most of its major counterparts, as risk appetite strengthened after Friday’s data showing that U.S. employers added 244,000 jobs last month, far outstripping forecasts.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.46% to hit 74.81, pulling back from a two-week high.
Dollar weakness usually benefits gold, as it boosts the metal's appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.
Meanwhile, global financial service provider Barclays recommended buying gold, following the precious metal’s 4% drop last week.
“Nothing has changed, except for the fact that some highly-leveraged speculators have been forced to sell. After the panic has ended, buying opportunities at low prices will abound,” the lender said in a report published earlier in the day.
Elsewhere, silver for July delivery added 0.8% to trade at USD35.89 a troy ounce during late Asian trade, after rising by as much as 1.5% to USD36.30, a daily high.
Silver suffered its worst weekly decline since 1980 last week, plummeting 25.9%, after a series of increases in Comex margin requirements pushed small investors out of the silver market.