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. 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.
