Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures settled lower Monday, below the key $1,800-an-ounce level on U.S. dollar strength and lack of safe-haven appeal, despite Europe�s continued troubles. Gold for December delivery, to end at $1,778.40 an ounce on the Comex division of the New York Mercantile Exchange. Earlier, prices traded as high as $1,797.60 on the back of a weaker U.S. dollar during Asian and European trading hours. Gold was unable to catch on safe-haven flows, which instead went to U.S. bonds and the dollar, said Charles Nedoss, a senior market strategist with Olympus Futures in Chicago.

Prices found a floor, however, on the lingering Europe concerns, he added. �We may have crossed (part of) that bridge but we are still standing on a pretty shaky bridge,� he said.n The dollar turned higher as the euro extended weakness following a sale of five-year Italian government bonds and concerns over whether a new government in Rome can help contain the euro-zone debt crisis. The dollar index, which tracks the U.S. unit against a basket of six major rivals, rose to 77.489, from 76.947 in North American trade late Friday. See full story.