Gold futures jumped on Monday to the highest level since August. The jump came as doubts over a Federal Reserve rate hike are looming, boosting the appeal of the precious metal.
On the New York Mercantile Exchange’s Comex division, gold for December delivery peaked$1,168.60 a troy ounce, the highest level since late August. The precious metal dropped slightly before U.S. morning hours to trade at $1,166.30, up 0.9%, or $10.40.
Due to the Columbus Day holiday, there will be no floor trading on Comex. Any electronic transactions made on Monday will be settled with Tuesday’s trades.
Gold climbed 1.01%, or$11.60, on Friday after the Fed’s minutes showed that policymakers were concerned about global financial and economic developments. September’s policy setting meeting supported the prediction that the Federal Reserve will not raise interest rates until2016.
Elsewhere, copper for December delivery on New York Mercantile’s Comex division was up 1.8 cents to $2.432 a pound during morning trading in London. Prices climbed to $2.437, a level not seen since September 18, over concerns of supply cuts by Glencore.
Copper traders awaitthe release of trade data from China, which will be published on Tuesday. It is likely that the data will show further weakness in the country’s economy. China is the largest consumer of copper in the world, accounting for 40% of the world’s consumption.