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Monday, February 24, 2014

Gold prices approached the highest level of a four -year

Gold prices approached the highest level of a four -year

Gold futures on the COMEX division of the New York Mercantile Exchange closed at its highest level since October 30 on Monday (Tuesday morning GMT ) , due to weaker economic data .

The most active gold contract for April delivery rose 14.4 U.S. dollars , or 1.09 percent , to settle at 1,338 dollars per ounce , Xinhua reported .

Markit on Monday reported that its index for the U.S. services sector reached 52.7 in February , the lowest level in four months . While the EU 's official statistics agency , Eurostat said consumer prices in the 18 countries that use the euro fell a record 1.1 percent in January from December .

Turmoil in Ukraine , increased demand from China and India as well as geopolitical issues in Venezuela and Egypt also support gold prices , said market analysts .

However , long-term factors that dampen the gold is still there . Federal Reserve Bank of Dallas President Richard Fisher called for cutting the amount of monthly central bank bond purchases at 10 billion U.S. dollars per meeting .

The global financial leaders attending the summit of the Group of 20 ( G20 ) which is closed this weekend said they would work to improve the growth of the world with more than two trillion dollars in the next few years under the strategy developed by the International Monetary Fund ( IMF ) .

Silver for March delivery rose 26.9 cents , or 1.23 percent , to close at 22.051 dollars per ounce . Platinum for April delivery rose 13.5 U.S. dollars , or 0.95 percent , to close at 1441.4 U.S. dollars per ounce .

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