Risk appetites in global markets continued to expand, helping to push stocks, commodities, and gold all into positive territory early Monday morning. Gold rallied $6.50 to $1,392.50 per ounce while silver gained $0.77 to $29.44 per ounce. S&P 500 stock futures rose 3.10 to 1239 while oil and copper prices both moved to the upside, climbing to $89.03 per barrel and 4.17 per pound, respectively.
In the currency markets, the U.S. fell versus most of its counterparts as the Dollar Index (DXY) declined $0.14 to 79.93.
Over the weekend, Chinese officials elected not to raise interest rates despite hotter than expected consumer price inflation data. Gold and silver both fell last week on concerns than monetary policy is set to get tighter in emerging markets, specifically China. Reserve requirements on Chinese banks have been raised three times in the past thirty days, prompting analysts to project an imminent hike in China’s key benchmark interest rate.
