Copper also rallied, gaining 1.4 percent after Goldman forecast an increase in Chinese purchases in the coming months. Gold prices rose 0.5 percent while the U.S. dollar index (^DXY - News) fell 0.2 percent.
"Investors are realizing that at the end of the day, there's more demand for commodities than there is supply. That means the long-term trend is higher," said Oliver Pursche, president at Gary Goldberg Financial Services in Suffern, New York. "When there's a short-term selloff, we would take it as an entry point."
bold and itallic added
Copper looking good
AVB Price at posting:
11.5¢ Sentiment: Buy Disclosure: Held