Amwal Al Ghad English - 2013-12-09 10:23:26
Gold edged higher on Monday, regaining some of the ground it lost last week when signs of improving U.S. economic growth kept prices in the red.
Gold for February delivery GCG4 +0.07% in electronic trade was up 90 cents at $1,299.90 an ounce. March silver SIH4 +0.22% barely budged at $19.53 an ounce.
In the prior session, gold futures closed with a decline of nearly 2% for the week, as traders had to wade through a week of mostly upbeat economic numbers, including a stronger-than-expected U.S. jobs report for November.
Commerzbank analysts are bullish on what lies ahead for gold prices later in 2014, as they believe investment demand should gradually revive. But for the short term, they are skeptical.
“The debate about the scaling back of the Fed’s bond purchases will remain a negative factor for the gold price at the beginning of 2014,” they said.
Elsewhere in metals trading, January platinum PLF4 +0.24% added $1.40, or 0.1%, to $1,357.70 an ounce while March palladium PAH4 -0.28% shed $1.60, or 0.2%, to $734.55 an ounce. High-grade copper for March delivery HGH4 -0.19% lost a penny to $3.24 a pound. More»