Daily Gold Update

Source: Marketwatch

New York— Gold futures closed a choppy session Monday with a modest rise, supported by bargain hunting after four straight weeks of gains and by expectations of more weak economic data. Gold for December delivery added $1.3, or 0.1%, to $1,239.20 an ounce on the Comex division of the New York Mercantile Exchange. Gold had swerved in and out of positive territory earlier in the session. Silver closed at a two-month high and copper at a four-month high.

Investors are expecting further signs of a slowdown from economic data this week, including manufacturing and employment figures. Some are buying gold — often viewed as a safe place to sock savings — ahead of a possible confirmation of their fears. "Everything that has come up in the last couple of years has been pretty bad, at least as far as the United States is concerned," said Afshin Nabavi, head of metals trading at MKS Finance in Geneva. Investors expect this week's figures "not to be so great," he added. See full story.