Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures rose Monday as stocks on Wall Street pulled back on European sovereign-debt worries that spurred investors toward the relative safety of bullion. Gold for December delivery settled $5.50, or 0.4%, higher at $1,357.80 an ounce on the Comex division of the New York Mercantile Exchange. Gold solidified its position in higher territory after having traded as low as $1,350.90 an ounce. Other metals sounded a mixed note, with silver rising but copper declining to kick off the holiday-shortened trading week. Both contracts made bigger percentage moves than gold.

�It�s going to be a pretty quiet week, so we�re going to see choppy, sideways market action,� said Matt Zeman, trader at LaSalle Futures Group in Chicago. On Wall Street, the Dow Jones Industrial Average had dropped more than 100 points during the session, and the S&P 500 Index fell more than 1% before each pared losses. �Gold prices should remain sensitive to sovereign-risk developments,� said James Steel, analyst at HSBC in New York. See full story.