Gold Retakes $1100 as Dollar Slides

(Before It's News)

by Sara Sjolin
Market Watch

Gold prices rebounded on Monday and jumped back above $1,100 an ounce after slipping below that key level for the first time in more than five years last week during a wider selloff in the commodity markets.

Futures for gold with delivery in August jumped $17.70, or 1.6%, to $1,103.10 an ounce, staging a comeback from the lowest settlement price since February 2010 reached on Friday.

Silver for September climbed 21 cents, or 1.4%, to $14.70 an ounce.

Gold was benefiting from haven demand as stocks mostly retreated worldwide, led by Chinese equities. The rally on Monday came as the dollar slid against most major currencies, ahead of a closely watched Federal Reserve meeting later in the week that could determine the trading action in currencies and commodities in coming weeks.

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