By MarketWatch
NEW YORK (MarketWatch) -- Gold prices gave up the bulk of gains notched in the Asian and European trading sessions on Monday as the U.S. dollar recovered from its deepest losses.
Silver futures managed to hold slim gains, keeping the precious metal at a 30-year high.
The gold contract for December delivery (GCZ10 1,346, +0.30, +0.02%) rose 20 cents to $1,345.50 an ounce on the New York Mercantile Exchange.
It ran up as high as $1,356.30 earlier in the session.
December silver futures (SIZ10 2,325, +14.50, +0.63%) rose 15 cents to $23.25.
The dollar index (DXY 77.26, -0.07, -0.09%) , a measure of the U.S. unit against a basket of six major currencies, traded at 77.219, down from 77.295 in late North American trade on Friday.
Standard & Poor’s chief technician, Mark Arbeter, sees $1,500 as the next target for gold. That will come as the U.S. dollar index falls to 70 from its current 77-level, Sam Stovall, S&P’s chief investment strategist wrote in a note.
Last week, gold ended at $1,345.30 an ounce, after touching $1.350.80 an ounce intraday. Gold prices rose for a fourth week, by 2.1%. See Friday’s story on gold.
