Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures closed lower Monday in thin volume as stronger U.S. equities took away some of the metal�s allure. Gold for December delivery declined $5.70, or 0.3%, to finish at $1,791.60 an ounce on the Comex division of the New York Mercantile Exchange. The yellow metal swerved between small gains and losses earlier, trading as high as $1,841.50 an ounce. The loss snapped a two-day winning streak for the metal. Gold touched an intraday low of $1,781.20 an ounce. The metal on Friday rose 1.9% to settle at $1,797.30 an ounce.

Silver led other metals lower, with the September contract off 41 cents, or 1%, at $40.55 an ounce. �It�s primarily the risk trade [being] back on, and that hurts gold a little bit,� said Matt Zeman, head trader and analyst at Kingsview Financial in Chicago. Investors tiptoed around gold, however, after last week�s correction. �It�s definitely a buy-the-dips type of market,� he added. See full story.