The watchful eyes of investors, analysts and traders followed policy makers on Monday for indications of whether they will move forward with economy-spurring monetary easing programs as gold futures rose, according to MarketWatch.
Bullion pushed higher than $1,620 per troy ounce on Monday for the first time since August 10 as central banks continued pondering strategies of boosting the national economies they respectively support.
"There's a feeling that governments around the world at some stage are going to do something about further monetary easing," founder and senior resource analyst Gavin Wendt with Mine Life Pty in Sydney told Bloomberg regarding the yellowish metal.
At 1:49 p.m. on Monday, gold futures climbed 0.23 percent, a $3.80 lift to $1,623.20 per troy ounce.
Monetary easing policies, particularly the ones that see central banks purchase debt, typically benefit the precious metal since the market is flooded with the U.S. dollar and the monetary unit's value is watered down.
In response, bullion climbs since the two typically perform the inverse of one another. Speculation and chatter about monetary easing also pushes up gold futures.
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