Gold fell over 2
percent on Monday as the dollar rose, nearly wiping out its previous
session's rally, but signs of renewed buying interest in the U.S.
futures market could underpin prices, traders said.
A combination of oil
futures tumble and higher U.S. stock markets also weighed down on the
yellow metal's appeal as a safe haven.
On Friday, it rallied almost 3 percent after U.S. payrolls data marginally missed expectations, sending the dollar lower.
While most analysts
had cited short covering for Friday's gains, exchange data suggested
speculators might have increased new bullish bets in the gold futures
market.
Spot gold was down 2.2
percent at $1,152.77 an ounce by 2:35 p.m. U.S. COMEX gold futures for
December delivery settled down $10 at $1,159.80, with trading volume
about 25 percent above its 30-day average, preliminary Reuters data
shows.
Source : Reuters
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