Gold prices rose 20 percent in 2016

Gold trades just below $ 1,270 an ounce on Monday in London, expanding last week's gains and pushing the yellow metal 20 percent above its level since early 2016, while in the Eurozone, stock markets await the next negative interest rate decision by the European Central Bank. at the end of this week.

The dollar climbed 3 percent to $ 1.0940 per euro after a 4-month low in February amid news that German factory orders fell for the second time in a row. A Sentix poll on investor sentiment in the Eurozone gave a worse outlook than before. The European Central Bank will announce its interest rate policy after buying QE and negative bonds (NIRP) on Thursday.

Iron ore prices, meanwhile, jumped a record 19 percent on Monday after China's Politburo said over the weekend that government borrowing should be increased to boost spending and economic growth. Energy commodities also rose from new 12-year lows in January.

Silver prices outpaced gold on Monday, extending gains 5 percent from last week's level to $ 15.67 an ounce and nearly 14 percent since mid-January. "Our next target level for gold is $ 1,308, while short-term support is at $ 1,246," analysts explain.