Daily Gold Update

Source: Marketwatch

New York— Gold futures traded flat Monday, as a rise in the dollar against major rivals squeezed demand for the precious metal. Gold for December delivery fell 50 cents to stand at $681.10 an ounce on the New York Mercantile Exchange. The Dollar Index, which tracks the greenback against a basket of the world's major currencies, rose 0.4% at 81.

"I'd expect the price of gold to remain somewhat contained again this week barring any further global sell-offs" said Zachary Oxman, senior trader at Wisdom Financial, in emailed comments. "Fundamental support factors remain the same as last week — seasonal demand and potential return of investment flows from funds that liquidated to cover cash margin calls," Oxman said. "I still think you'll see gold over $700 within the next month or so." See full story.