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MTECHTIPS:-Gold prices struggle to find solid direction with U.S. markets closed
Gold prices swung between small gains and losses on Monday, as trade volumes remained light with U.S. stock and bond markets closed for the Martin Luther King Jr. holiday. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.13% to 99.11. Meanwhile, global equity markets were lower as oil prices fell below the $28-level to hit a fresh 13-year low, adding to fears over the outlook for global growth. Gold for February delivery on the Comex division of the New York Mercantile Exchange inched down 90 cents, or 0.08%, to trade at $1,089.80 a troy ounce by 14:35GMT, or 9:35AM ET. On Friday, gold surged $17.10, or 1.59%, as retreating oil prices and equity markets underpinned demand for assets perceived as safer. Also on the Comex, silver futures for March delivery dipped 0.1 cents, or 0.01%, to trade at $13.89 a troy ounce during morning hours in New York. Elsewhere in metals trading, copper prices bounced back from a new seven-year low on Monday, but gains remained limited amid ongoing concerns over the health of the global economy. The red metal is sensitive to the economic growth outlook because of its widespread uses across industries. Prices of the red metal plunged 7.9 cents, or 3.9%, last week, as an ongoing meltdown on China’s stock market rattled investor sentiment. Copper is down nearly 8.5% in 2016 as investors slashed holdings of the red metal amid persistent worries over an economic slowdown in China.
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