(MENAFN- ProactiveInvestors) Gold gained for a seventh straight day to settle at its highest price in five months today after the Swiss National Bank last week triggered turmoil in currency markets and investors looked ahead to this week’s meeting of the European Central Bank.
Gold for February delivery settled up 1.4 percent at $1294.20 an ounce on the New York Mercantile Exchange. That’s the highest settlement for gold since Aug. 19.
The seven-day rally has resulted in a 7.1 percent rise in gold prices. In January gold is up 9.3 percent.
In other metals March silver futures advanced 1.2 percent to settle at $17.96 an ounce.
for April delivery rose 1.4 percent to settle at $1286.60 an ounce while palladium for March delivery advanced 3.2 percent to settle at $778.75 and ounce.
High-grade copper for March delivery declined just over 0.9 percent to settle at $2.59 a pound.
In energy trading crude-oil futures settled sharply lower today as investors weighed a batch of downbeat views on global economic growth including news that China’s economy expanded at its slowest pace in decades.
Crude futures for delivery in February fell 4.7 percent to end at $46.39 a barrel.
March Brent crude fell 1.7 percent to settle at $47.99 a barrel.
Iraqi crude production surged to a record. Iraq is pumping 4 million barrels a day and will boost exports Oil Minister Adel Abdul Mahdi said at a news conference in Baghdad.
The International Monetary Fund cut its global growth outlook. The IMF made the steepest reduction to its global-growth outlook since January 2012 in its quarterly global outlook issued yesterday. Projections for the euro area Japan China and Latin America were trimmed.
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