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Gold retakes $1,100 as dollar slides
Gold prices rebounded on Monday and jumped back above $1,100 an ounce after slipping below that key level for the first time in more than five years last week during a wider selloff in the commodity markets.
Futures for gold with delivery in August GCQ5, +1.08% jumped $17.70, or 1.6%, to $1,103.10 an ounce, staging a comeback from the lowest settlement price since February 2010 reached on Friday.
Silver for September SIU5, +0.88% climbed 21 cents, or 1.4%, to $14.70 an ounce.
Gold was benefiting from haven demand as stocks mostly retreated worldwide, led by Chinese equities. The rally on Monday came as the dollar slid against most major currencies, ahead of a closely watched Federal Reserve meeting later in the week that could determine the trading action in currencies and commodities in coming weeks. The U.S. central bank is widely expected to keep interest rates at a record low at the meeting, but expectations are rising that a rate hike could come before New Years.
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