Gold futures rose to a record high level on Monday, as it narrowing the gap from $1500.00 per ounce due to the lowering of US debt outlook by the Standard & Poor’s, before the beginning of trading on Monday.
Peak gold and copper prices were anticipated to lift mining companies’ which were closing to announce their quarterly earnings. The earnings would indicate that how much surging oil prices impact the companies’ quarterly results.
Morningstar Inc. analyst, Elizabeth Collins, stated that advanced gold prices affected the markets, but the surging metal prices were only one segment of the earnings result. He added that one should keep an eye at production and operating costs.
Investors would find out the intensity of affects of bullish commodity prices, during the current week as two giant mining companies, Freeport-McMoRan Copper & Gold Inc. and Newmont Mining Corp. publicize their Q1 financial results.
At the New York Mercantile Exchange, gold futures for June delivery added 0.50% or $6.90 to settle $1,492.90 per ounce on the Comex division, the highest trading value, which had previously reached on Friday.
Other notable commodities included Copper grew 21.40% throughout the last whole year past year from its ending price at the end of the first quarter last year to its closing price on March 31, while gold jumped 27.00% for the same time period.
May futures for silver went up $0.385 or 0.90% to settle at $42.96 per ounce. Copper for May delivery closed its account after shedding $1.29 to $0.055 per pound. Meanwhile, platinum for July delivery declined $0.67 to end with $1,782.80 per ounce.
