Gold Up from Friday at $1,396 an Ounce

Gold prices increased June 3 after dropping nearly 2 percent in the previous session. Gold prices were affected by weak U.S. economic data and and a declining dollar, which offered hope to investors that the Federal Reserve would continue its “bullion-friendly” stimulus program, Reuters reported.

Spot gold in London increased $11.17 today, hitting $1,396.36 an ounce, according to the source. On the Comex in New York, gold futures for August delivery increased to $1396.20, a rise of $3.20.

Demand for gold is especially high in Asia, and specifically in India, Reuters reported.

Bloomberg reported gold hit a high of $1,421.60 on May 31. However, futures trading volume was down 30 percent below average in the past 100 days.