Investing.com - Gold and silver prices rose to four-month highs on Monday, as ongoing concerns over the strength of the U.S. economy boosted 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 $1,337.00 an ounce, the most since October 31.
Gold prices last traded at $1,332.30 an ounce during U.S. morning hours, up 0.65%. Futures ended Friday’s session up 0.51%, or $6.70, to settle at $1,323.60 an ounce.
Prices were likely to find support at $1,307.10 a troy ounce, the low from February 20 and resistance at $1,341.90, the high from October 31.
Meanwhile, silver for May delivery hit a daily high of $22.21 a troy ounce, the strongest level since October 31. Silver prices last traded at $22.07 an ounce, up 1.2%
The May contract picked up 0.45% on Friday to settle at $21.78 an ounce. Silver futures were likely to find support at $21.61 a troy ounce, the low from February 21 and resistance at $22.62, the high from October 31.
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. existing home sales fell by a larger-than-forecast 5.1% in January to hit an 18-month low.
This weak report came one day after the Federal Reserve Bank of Philadelphia said that its manufacturing index deteriorated to a 12-month low of minus 6.3 in February from January’s reading of 9.4.
The recent patch of soft U.S. economic data fuelled expectations that U.S. monetary policy will remain accommodative.
Market players looked ahead to key U.S. data later in the week to further gauge the strength of the economy. The U.S. is to publish revised data on fourth quarter economic growth, while data on durable goods orders and consumer confidence will also be in focus.
Elsewhere on the Comex, copper futures for May delivery dropped 1.6% to trade at $3.209 a pound, the lowest since February 11.
Copper futures weakened after data released earlier showed that Chinese home prices fell for the first time in 14 months in January.