Upbeat data on economy-wide lending in China out over the weekend gave metals prices a boost.
Dubai gold futures rose by 0.9% to the 1,331.30/oz. mark.
Despite recent decent gains Bloomberg cited the two most accurate forecasters for the price of gold over the last two years, Societe Generale’s Robin Bahr and Justin Smirk, at Westpac Banking Corp, as calling for the recent rally to fizzle out over the coming year.
While past performance is no guarantee of future returns, those predictions were in line with similar analysis out over the last few weeks from Credit Suisse or Goldman Sachs, but not with those from Capital Economics, for example.
Three-month copper futures on the London Metal Exchange also moved higher, by 0.31% to the $7,172.50/metric ton level.
In a research note issued to clients on Friday, Barclays Research called attention to the risk that recent strong Chinese imports of some metals, such as iron-ore, might have been linked to the desire by firms to use it as collateral to obtain financial credit.
Having said that, the latest data from the People’s Bank of China released last Saturday seemed to indicate that Chinese companies had obtained all that they were bargaining for in January.
White sugar futures gained 0.6% to $443.90/m tonne on Euronext LIFFE.
Corn futures advanced 0.6% to EUR173.25/m tonne on Euronext LIFFE.
US commodity markets were closed for trading on Monday.