Gold futures were slightly lower in mixed trade early on Monday, but up from lows posted earlier in the session, as investors took heart from a positive US economic index after Friday's sell-off. COMEX June gold down $1.30 at $1,135.60 an ounce at 10:51 am EDT (1451 GMT). Range $1,138.50 to $1,124.30 which was the weakest since April 6.
The metal retraced initial decline on economic optimism after a gauge of the US economy's prospects was stronger than expected and rose to a record high in March. Gold market took a breather after Friday's 2 percent sell-off as the SEC charged Goldman Sachs Group Inc with structuring and marketing a debt product tied to subprime mortgages. The news took a toll on sentiment as major hedge fund Paulson & Co, also a notable gold investor, was named by the SEC as working with Goldman in creating a collateralised debt obligation. Paulson was not charged.
Latest CFTC Commitments of Traders report shows non-commercial net long positions in gold rose sharply in the latest week, indicating profit-taking could be possible. Gold futures ended last week about 2 percent lower. COMEX 10 am volume at 79,877 lots. Spot gold $1,135.65, compared with $1,136.45 late in New York's previous session.
COMEX May silver up 5.50 cents at $17.730 an ounce on short-covering after last session's 4 percent slide. Range $17.775 to $17.490 - lowest since April 1. COMEX 10 am volume at 22,150 lots. Spot silver at $17.69 versus $17.67 late in the prior session.
July platinum down $1.40 at $1,693.90 an ounce in directionless trade, but a steadier stock market supports industrial metals. Spot platinum at $1,687.50 an ounce. June palladium down $1.35 at $530.50 an ounce, market looking for a definite direction. Spot palladium at $527.50 an ounce.
Comments
Comments are closed.