Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures settled lower Monday as concerns about Egypt�s unrest eased and safe-haven buying diminished. Some investors locked in Friday�s gains of nearly 2%, but they were still closely watching events in Egypt for clues to the metal�s direction, analysts said. �Some of that flight to quality subsided,� said Adam Klopfenstein, a senior market analyst with Lind-Waldock in Chicago. Gold for April delivery declined $7.20, or 0.5%, to $1,334.50 an ounce on the Comex division of the New York Mercantile Exchange. In January, gold lost 6.1%.

�A lot of the buying was done on Friday,� and as the situation didn�t spread to other Arab countries and the regime remained in place, some decided to take profits, Klopfenstein added. Egyptians opposing the rule of President Hosni Mubarak again staged mass protests, which are continuing into their second week. Meanwhile, metals such as silver and copper, which are more tied to industrial uses, gained Monday. See full story.