The Phaserl


Gold Prices Rise Through Key Technical Chart Levels As Dollar Weakens

by Debbie Carlson,

Gold prices broke through the key $1,300-an-ounce level on Monday as a weaker U.S. dollar and buying back of previously sold positions and new purchases took the metal to a four-week high.

As of 10:11 a.m. EDT, most-active August gold futures on the Comex division of the New York Mercantile Exchange were $33.20, or 2.6%, higher to $1,326.10 an ounce. They peaked at $1,327.90, their strongest level since June 20.

Other precious metals jumped, too, with September silver up 85 cents, or 4.3%, to $20.31. Nymex October platinum climbed $16.40 to $1,447.60. September palladium was nearly steady, dipping 85 cents to $748.90.

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