Gold prices jumped Monday on the back of increased unease about the U.S. economy.
Benchmark bullion futures were tacking on $9.80 to $909.70 an ounce in morning action on the Comex division of the New York Mercantile Exchange. Some investors view gold as a safe-haven investment during times of economic uncertainty.
The two exchange-traded funds that hold bars of the metal,
streetTracks Gold Shares
iShares Comex Gold Trust
, were each up 0.4%.
in the gold market is that the U.S. economic engine remains stalled and that subsequent data on housing this week will confirm that things are not getting better on that front just yet," wrote Jon Nadler, a gold analyst at Montreal-based bullion dealer Kitco.
In the precious metals patch, shares of
were rising 2.4%, while those of
were ahead by 0.7%.
In the foreign-exchange market, one euro was buying $1.5556 vs. $1.558 on Friday. One dollar was trading for 104.12 Japanese yen, unchanged from last week. The British pound was selling for $1.951 vs. $1.9555.
CurrencyShares Euro Trust
was down 0.6%, while the
CurrencyShares Japanese Yen Trust
CurrencyShares British Pound Sterling
were both down 0.4%.