Daily Gold Update

Source: MarketWatch

New York— Gold futures closed with gains on Monday, rebounding from their steep decline last week, as weakness in the dollar boosted demand for the precious metal. Gold for February delivery rose $5.60 to end at $794.70 an ounce on the New York Mercantile Exchange. Earlier, the contract hit an intraday low of $788.80. "The metal is likely to remain in a more mixed mood over the next few weeks as pockets of investment demand are offset by long liquidation in the run-up to year-end," said James Moore, an analyst at TheBullionDesk.com, in a research note.

"Gold was down some 5.5% last week on options expiry, year-end profit-taking and tentative dollar strength and oil weakness," said Mark O'Byrne, director at Gold and Silver Investments Ltd. "While there may be some follow-through selling this week and further short-term weakness and consolidation, the medium and long-term outlook remains extremely bullish with very strong fundamentals underpinning the gold market," O'Byrne said in a research note. See full story.