Daily Gold Update

Source: Marketwatch

New York— Gold futures ended lower Monday on concerns about Goldman Sachs Group Inc.'s fraud case, but came off the day's low as bargain hunters stepped in to provide some support for prices. Gold futures opened lower on Monday and briefly moved into positive territory, but ultimately succumbed to selling pressure. Gold for June delivery, the most active contract, lost $1.10, or 0.1%, to settle at $1,135.80 an ounce on the Comex division of the New York Mercantile Exchange. The contract hit an intraday low of $1,124.30 an ounce, and a high of $1,138.50 an ounce.

Bargain-hunting buying was at work to provide some floor to prices, analysts said. "People started buying on the lows," said Andrey Kryuchenkov, an analyst at VTB Capital in London. Investors grew more confident the fallout from U.S. regulators' charging Goldman Sachs might not be as widespread for gold and gold funds as initially feared, said Stephen Platt, an Archer Financial Services commodity analyst in Chicago. The Securities and Exchange Commission Friday charged Goldman Sachs, the top commodities broker, with fraud in connection to a mortgage derivative product. See full story.