RTTN:Gold Closes At 6-Week High As Dollar Remains Weak
(RTTNews) - Gold futures extended gains from last week to close at a six-week high on Monday, amid a weak dollar and news that the European Union has agreed to enforce an oil embargo of Iran.
Prices were also supported by Greece's failure to reach any satisfactory conclusion over its sovereign debt with private creditors expected during the weekend.
Gold for February delivery, the most actively traded contract, moved up $14.30 or 0.9 percent to $1,678.30 an ounce on Monday. It was the highest close for the precious metal since December 9, 2011.
Intraday, gold traded at a high of $1,681.8 an ounce and a low of $1,663.0 on Monday.
The dollar index, which tracks the U.S. unit against six major currencies, dropped to 79.788 on Monday from 80.148 late Friday.
In Greece, negotiations on debt write-off with private creditors have been of concern after hopes of a positive conclusion to the talks did not materialize during the weekend.
The euro, nevertheless, made gains on a possible resolution to Greece's debt talks with private creditors. The euro rose to $1.3014 on Monday from $1.2936 in late Friday trade, having scaled an intraday high of $1.3052.
