Gold futures extended last week’s strong gains Monday amid hopes that China’s stimulus will spark demand for metals.
With markets also expecting the Federal Reserve to hold off on hiking interest rates, U.S. gold for December was up $8.60, or 0.7%, to settle at $1,164.50 an ounce.
That’s the highest closing price since July.
Traders generally ignored comments from Fed Vice Chair Stanley Fischer indicating he still expects a 2015 hike.
The Fed next meets Oct. 27-28, but most analysts say that policy makers will no seriously consider hiking rates until December.
The material has been provided by InstaForex Company – www.instaforex.com