SAN FRANCISCO – Gold futures wavered between gains and losses Monday as a rising U.S. dollar put a crimp on prices, but concerns about the European sovereign debt restimulated investors toward the safety of bullion.
Gold for December delivery (GCZ10 1350, -2.20, -0.16%) added $ 1.40, or 0.1%, to $ 1,353.40 an ounce on the Comex division of the New York Mercantile Exchange. The previously as low as $ 1,350.90 an ounce traded.
Other metals stepped on a mixed note to start the holiday-shortened trading week, with silver rising but falling copper in early action.
“Gold prices should remain sensitive to developments in sovereign risk,” said James Steel, analyst at HSBC in New York.
“Bullion prices can be affected in the coming week by the Irish elections and the release of (Federal Open Market Committee) minutes,” he wrote in a note to clients.
Gold wobbled earlier news late Sunday that Ireland had formally requested the support of its European partners. If the size and scope of the bailout remained unclear, traders moved back to the precious metals.
Concerns also around issues that Portugal and Spain face.
Meanwhile, silver for December delivery (SIZ10 2722, +4.10, +0.15%) added 10 cents, or 0.4%, to $ 27.28 an ounce. December copper (HGZ10 374.45, -8.90, -2.32%) retreated 7 cents, or 1.8%, to $ 3.76 per pound.
! The dollar index / i quotes/comstock/11j: dxy0 (DXY 78.72, +0.22, +0.28%), the American unit that compares a basket of six currencies, recovered to move up 0.1% to 78.61 on Monday. A stronger dollar is negative for commodities as it makes them more expensive for holders of other currencies, diminishing their investment appeal.
Gold futures edge lower on Friday was usually gather weekly losses as China once again raised the reserve requirements for banks, are raising fears of further steps to tame inflation and, by extension, growth.
Gold lost 1% on the week, while silver and most other metals advanced on a weekly basis.
source:marketwatch
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