Investing.com - Gold and silver prices rose to multi-month highs on Monday, as ongoing concerns over the strength of the U.S. economic recovery continued to boost the appeal of the precious metals.
On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rose to a session high of USD1,329.90 a troy ounce, the most since October 31.
Gold prices last traded at USD1,327.40 an ounce during U.S. morning hours, up 0.65%, or USD5.70. Futures ended Friday’s session up 1.42%, or USD18.50, to settle at USD1,318.60 an ounce.
Prices were likely to find support at USD1,286.20 a troy ounce, the low from February 13 and resistance at USD1,341.90, the high from October 31.
Meanwhile, silver for March hit a daily high of USD21.96 a troy ounce, the strongest level since November 7, before trimming gains to trade at USD21.78 an ounce, up 1.7%.
The March contract soared 5.03% on Friday to end at USD21.42 an ounce.
Silver futures were likely to find support at USD20.44 a troy ounce, the low from February 14 and resistance at USD22.00, the high from November 7.
Trade volumes were expected to remain light on Monday, with Comex floor trading remaining closed for the U.S. President’s Day holiday. All electronic trades placed will register on Tuesday, when the market resumes normal trading hours.
Gold and silver prices have been well-supported in recent weeks amid concerns that the U.S. economic recovery has lost momentum since the end of last year as inclement winter weather weighed on growth.
Data on Friday showed that U.S. industrial production fell 0.3% from a month earlier in January, compared to expectations for a 0.3% gain.
This disappointing data came one day after the Commerce Department said that retail sales fell 0.4% in January, confounding expectations for a 0.3% increase.
Gold has gained nearly 9% since the beginning of the year, while silver has picked up approximately 7.5%.
Elsewhere on the Comex, copper futures for March delivery rose 0.5% to trade at USD3.281 a pound.
Data released over the weekend showed that Chinese bank lending rose to a four-year high in January, easing concerns over tightening liquidity levels.
The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.
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