US gold futures fell in quiet trade on Monday as a dollar rise and weak crude oil prices prompted profit taking amid a London market holiday. December gold was down $7.60 at $825.90 an ounce on Comex. Range traded was $821.10 to $831.90. Bullion weakened as the dollar stayed slightly stronger against the euro after US existing home sales rose in July.
Gold's movement still largely tracking crude oil, which eased by late morning, traders said. The level around $846.30 will likely act as near-term resistance, Adam Sarhan, founder of TheSarhanAnalysis.com said. Markets see strong physical demand as investors load up precious metals after their recent sharp price decline.
Gold Fields, the world's No 4 gold producer, said attributable precious metal reserves fell by 12 percent by June due to declines from mines struggling with safety issues. Comex estimated 9 am volume at a quiet 35,817 lots, with options turnover 61 lots. Spot gold at $820.10/821.10, versus Friday's US close at $827.00/828.60. September silver was down 11.2 cents at $13.365 an ounce, in a $13.100 to $13.560 range. Estimated 9 am volume 7,246 lots.
Spot silver was at $13.35/13.41, compared with $13.33/13.41 Friday close. October platinum was down $7.70 at $1,433.50 an ounce. Profit taking seen based on precious metals decline. Spot platinum was at $1,423.00/1,443.00. September palladium was up 35 cents at $289.35 an ounce. Spot palladium was at $284.00/292.00.