Daily Gold Update

Source: Marketwatch.com

San Francisco— Gold futures eased Monday after adding nearly $18 an ounce over a seven-session winning streak.

"The markets find themselves at a crossroads once again," said Dale Doelling, chief market technician at Trends In Commodities, adding that while he's "longer-term bullish on the metals," prices in the sector have "reached extreme overbought levels."

Gold for December delivery traded at $451.90 an ounce, down $1.10, in early dealings on the New York Mercantile Exchange. The contract, which has been on the rise since Aug. 31, closed Friday at its highest level since March 11.

Other metals futures followed gold's lead and lost ground, with the exception of copper.

The December copper contract rose 0.3 cent to trade at $1.607 a pound on the heels of a 0.9% retreat in Friday's session.

Meanwhile, the December contract for silver traded down 3.5 cents at $7.03 an ounce. December palladium shed $1.40 to $185 an ounce, while October platinum declined by $4.20 to $912.20 an ounce.

Tracking inventories, copper supplies were up 13 short tons at 9,722 short tons as of late Friday, according to Nymex. Silver stocks were up 600,978 troy ounces at 116.2 million troy ounces, while gold inventories stood at 6 million troy ounces, up 3,020 troy ounces from the previous session.