Gold prices are modestly higher in early U.S. trading Monday, on some short-covering by the shorter-term futures traders and some mild safe-haven buying ahead of key U.S. government spending hurdles that occur late this week.
Some of the world’s biggest miners say they like what they’re hearing from Peru’s new leftist government of late, further easing fears that drastic policy changes could stall future output in the No. 2 copper nation.
Copper prices shot up 3% on Wednesday on relief that China’s debt-burdened Evergrande would pay interest on a domestic bond, easing fears that the property giant’s troubles might hit the global economy.
Gold advanced Monday as fears of a spillover from debt woes of Asian real estate developer China Evergrande Group stoked demand for havens, outweighing concerns that the Federal Reserve’s reduction in stimulus could come soon.