Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures held on to small gains Monday on continuing concerns about Europe�s sovereign-debt crisis and stalemated negotiations on raising the U.S. debt ceiling to avert a federal-government shutdown. Gold for August delivery added $7.60, or 0.5%, to settle at $1,549.20 an ounce on the Comex division of the New York Mercantile Exchange. It lost ground as floor trading progressed, as it had earlier traded as high as $1,557.60 an ounce, according to FactSet Research.

On a day most commodities settled lower and investors eschewed any investments considered riskier, such as U.S. equities, the metal was able to stay in the black on safe-haven buying. �[Gold] has got a lot of support from the sovereign-risk concerns,� said James Steel, a metals analyst with HSBC in New York. Data on nonfarm payrolls, reported Friday, and accompanying concerns about the U.S. economy, however, weighed on silver and other metals, he said. See full story.