Gold Sees Six-Week High in Early Day Trading

Spot gold increased 0.03 percent or $0.38 to $1,254 an ounce Monday, according to Reuters. Gold climbed to $1,259.46 an ounce early in the day, the highest price for the metal since Dec. 11. Gold has seen four weeks of gains, increasing 4.2 percent in value over the past month.

“A lot of our clients are still holding onto gold as a risk-event hedge,” Danny Laidler, head of ETF Securities’ Australia and New Zealand business, told Reuters. “I think the worst of the outflows is behind us. We think there is a greater potential for modest gains (in gold prices) this year than for a downside risk.”

Gold futures for February delivery were also up $3.77 to $1,255.40 an ounce today, Bloomberg reported.