Gold futures closed at a three-week high Monday, silver struck a new 22-year peak and copper traded at its highest ever level, as the dollar weakened ahead of a Federal Reserve meeting.
Adding to the uptrend, bankz raised its forecasts for Gold, copper, nickel and aluminum and said metals are entering the "sweet spot of the Commodity Supercycle."
The COMEX April Gold contract closed up $6.90 at $567.40, its highest level since March 3.
The dollar was last down 0.7% against the yen with investors cautious ahead of a two-day Fed monetary policy committee meeting.
The central bank is widely expected to raise interest rates by a quarter point, its 15th straight hike, bringing rates to 4.75%.
But investors are expected to focus most closely on the statement accompanying the decision, the first to be made under the stewardship of new chairman Ben Bernanke.
If the statement fails to signal further hikes, the dollar will fall, providing support for gold.
For gold, "the early March peak of $570.50 is the next obvious target," said research firm Action Economics.
Gold was further boosted by comments from an official at the Bank of China's Australian operations, who argued that the Chinese central bank should hold more gold in its forex reserves as a way of diversifying away from dollars, according to Action Economics ....
EGX a Gold prod. leader - btw. I feel good be with the 888 - Gold stocks outside America -
EGX makes it a bit harder for the 666 to confiscate - 888 - EGX Gold stocks -
The Eurasia faught off - 666 and got - 888 - Liberty 1991 -
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.