Precious metals' prices shot up as the dollar strengthened and three European nations announced they will sell bonds, Bloomberg reports.
The price of gold increased 0.5 percent to $1,376.20 per troy ounce just before 6 p.m. in South Korea. Achieving its largest advance in one week, silver for immediate delivery increased 1.3 percent to $29.0462 per troy ounce and is in demand in India.
"As soon as we get more talk of problems within Europe, we are going to see some more safe-haven buying," Darren Heathcote, head of trading at Investec Bank Australia, told Bloomberg.
Portugal announced plans to sell bonds for 2014 and 2020. Italy is preparing to sell bonds for 2015. Spain is offering 2016 bonds. Analysts consider these moves to indicate the nations are struggling to raise money.
Immediate delivery palladium increased 1.7 percent to $764 per troy ounce and cash platinum rose 0.3 percent to $1,739 per troy ounce.
"The softer than expected U.S. non-farm payrolls on Friday was positive news and precious metals might move higher this week," according to a Monday report written by Tobias Merath, an analyst with Credit Suisse Group AG.
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