Gold Creeps Higher To Extend Recent Advance

Gold futures rose Monday morning, extending last week’s gains ahead of a deluge of earnings reports from America’s most prominent companies.

Economic data takes a back seat this week as traders assess the health of the corporate world.

Among the few economic reports on tap, the New York Federal Reserve’s Empire State Manufacturing Survey for July will be released at 8:30 a.m. Eastern Time today.

In China, data showed GDP in the world’s second-biggest economy beat forecasts with 6.9% second-quarter growth.

Gold was up $6 at $1233 an ounce, moving further from recent 4-month lows near $1200.

Prices have firmed over the last week, as remarks from Federal Reserve officials indicated some reluctance to raise rates as quickly as they have previously forecast.

The material has been provided by InstaForex Company – www.instaforex.com

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