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Gold futures accelerated on Monday as Chinese investors resumed a full week of trading, following their Lunar New Year holiday that kept them out most of last week.
Gold to be delivered in April gained $5.80 (or 0.5%), to $1,268.70 per ounce. March silver nailed 7 cents (or 0.4%), to $20.01 per ounce.
“The reopen of China’s markets after being closed in celebration of Lunar New Year since January 31 is an encouraging sign for the bullion markets and may help support gold prices,” HSBC analysts said.
The US economic calendar this week is relatively slender, although retail sales and consumer view are on tap. Also, Federal Reserve Chairman Janet Yellen is about to report on Tuesday in front of the House Financial Services Committee, her first appearance since assuming the Chair post.
On Friday, gold futures finished its three-session winning streak, up by almost 2% for the week, as investors mulled the US labor report's possible influence on the Fed’s monetary policy.
In metals, April platinum gained $5 (or 0.4%), to $1,384.20 per ounce. March palladium increased $3.95 (or 0.6%), to $712.75 per ounce. High-grade copper to be delivered in March — occurring from a 1.2% profit last week — went up a penny (or 0.3%), to $3.25 per pound.
