Reuters, NEW YORK/LONDON, (26/11)
- Gold prices were nearly unchanged on Monday after a volatile trading
session that saw prices tumble early with crude oil after a deal on
Iran's nuclear program, then recover as investors covered short
positions, traders said.
 Early
in the day, bullion prices fell 1 percent to a four-month low, after a
weekend agreement which halts Iran's most sensitive nuclear activity and
suspends some sanctions by the United States and the European Union on
several sectors of Iran's economy for an initial six-month period.
Mixed
U.S. economic reports had little effect on gold prices. Data showed
contracts to buy previously owned U.S. homes hit a 10-month low in
October, but a strong rebound in services sector activity early this
month suggested some resilience in the economy.
Spot
gold touched its lowest level since July 8 at $1,227.34 an ounce in
earlier trade, but managed to cut its losses. Bullion was last 0.1
percent lower at $1,241.49 by 1:26 p.m. EST (1826 GMT).
U.S.
gold futures for December delivery fell $2.70 to $1,241.40 an ounce,
with trading volume on track to finish sharply above its 30-day average,
preliminary Reuters data showed.
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