Daily Gold Update

Source: Marketwatch

New York— Gold futures edged up Monday, barely closing on the black amid a rally for other metals. Gold for December delivery, the most active contract, added $1.50, or 0.1%, to $1,185.40 an ounce on the New York Mercantile Exchange. Other metals soared, however, with copper settling at its highest since late April, silver finishing at its peak since June 30 and palladium and platinum ending at their highest since mid May.

A rally for the U.S. stock market was seen as a proxy for a speedier global recovery and thus for heightened demand for metals widely used in industrial applications such as platinum, palladium, and silver, and in construction, such as copper. Gold had opened in the red, staged a comeback but swerved in and out positive territory in the later third of the session, lacking a strong reason to go one way or the other. See full story.