Gold gained Monday, trying for its fourth-straight winning session, and platinum, copper and silver advanced sharply, finding traction after weekend comments from the Chinese leadership about a boost in infrastructure projects and more show of nuclear strength from North Korea.
A weaker-than-expected reading for a regional U.S. manufacturing measure gave gold prices an added push as the data added to other recent reports showing some economic vulnerability.
Gold for June GCM7, +0.51% rose by $8.30, or 0.7%, to $1,236.10 an ounce. A finish at this level would mark the highest for the yellow metal in nearly two weeks. Gold finished last week less than 0.1% higher after posting losses over the previous two weeks when investors pushed in to riskier assets away from haven gold. And yet Friday’s third advance in a row was a feat last accomplished in mid-April.
Gold was supported in large part as the U.S. dollar index DXY, -0.35% , which measures the greenback’s value versus euro, yen and four other major currencies, was down 0.2%. DXY rose about 0.7% last week.
Global policy developments were in play after Chinese president Xi Jinping said there will be about $100 billion in fresh financing in support for the “One Belt, One Road” initiative. The plan is China’s effort to link regions via infrastructure projects and recast itself as the protector of globalization.
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