Bullion prices ended higher at Comex on Monday, 24 June 2019. Gold prices continued their march toward a six-year high on Monday, with weakness in the U.S. dollar and 10-year Treasury yield, expectations for lower interest rates among global central banks and geopolitical concerns all contributing to haven demand for the precious metal.
August gold rose $18.10, or 1.3%, to settle at $1,418.20 an ounce, after trading as high as $1,421. Prices saw their highest most-active contract settlement since August 28, 2013. That followed a gain of 4.1% last week. July silver rose 8.71 cents, or 0.6%, to $15.377 an ounce after gaining 3.3% last week.
Gold's gains last week came after a Fed meeting in which the central bank held rates steady but spoke of “uncertainties” over the U.S. economic outlook. The European Central Bank and Bank of England also made dovish comments during the week. Precious metals like gold tend to attract buyers in a low interest-rate climate.
But geopolitical tensions between the U.S. and Iran and uncertainties on the global trade front have also lured investors into gold, seen as a haven investment in times of political and economic uncertainty.
The dollar index slipped 0.2% on Monday.
Investors did not receive any economic data on Monday. On Tuesday, investors will receive New Home Sales for May, the Conference Board's Consumer Confidence Index for June, the FHFA Housing Price Index for April, and the S&P Case-Shiller Home Price Index for Apri