The China Mineral Company’s (“CMC”) future continues to brighten given recent activity in the gold, dollar, and euro markets, Tad Brooks reports. The dollar has historically been used as a safe-haven currency, but recently sank further, while the euro rose 0.3% to $1.4941. The low dollar price lifts the price of dollar-denominated commodities and increases the appeal of gold as a safe asset.
Gold for December delivery, the most actively traded contract, rose 0.6%, , or $6.60, to 1,058.10 per ounce on the Comex division of the New York Mercantile Exchange. The thinly traded October contract also gained 0.6% to $1,057.30.
Gold prices have risen eight out of the past nine weeks, and it’s little wonder that China Mineral Company has just recently made an expansion plan public. Last week the benchmark reached a new intraday high, gaining 0.3% and briefly topping $1,070 an ounce. Other minerals are also on the rise. Copper prices rose more than 4% after Chinese economic-growth data painted a bullish picture of demand for the industrial metal.
