Commodities exchange traded funds started the week strong as gold, silver and oil prices rose while the U.S. dollar weakened against most rivals on Monday.
SPDR Gold Shares (NYSEArca: GLD) was up 1% in afternoon trade as gold prices were trying to retrace their recent pullback from about $1,800 an ounce. Gold was rising Monday as investors marked the 40-year anniversary of the end of the gold standard for the U.S. dollar.
Gold was also shaking off a recent margin increase for futures contracts. [How Will Margin Hike Impact Gold ETFs?]
In currency ETFs, PowerShares DB US Dollar Index Bullish (NYSEArca: UUP) was off about 1%. The euro strengthened against the greenback one day before a key meeting between French and German leaders on the debt crisis. [Have Stock ETFs Put the Fear Behind Them?]
Elsewhere in commodities, iShares Silver Trust (NYSEArca: SLV) rose 1.1% on Monday while U.S. Oil Fund (NYSEArca: USO) rallied nearly 3%.