By Claudia Assis, MarketWatch
SAN FRANCISCO (MarketWatch) — Gold futures traded modestly higher Monday, stabilizing following the contract’s steep recent losses as bargain hunters made their presence felt.
Gold for December delivery (GCZ10 1,371, +5.60, +0.41%) added $5.20, or 0.4%, to $1,370.70 an ounce on the Comex division of the New York Mercantile Exchange.
Most metals followed gold’s lead higher, with the exception of platinum.
Silver for December delivery (SIZ10 2,611, +16.30, +0.63%) added 21 cents, or 0.8%, to $26.14 an ounce.
Metals took a plunge on Friday along with several other financial markets, rattled by fears that China would take further steps to rein in inflation that could include an interest-rate increase.
Gold fell nearly 3% on Friday, and silver fell more than 5%.
India imported 43 tons of gold in October, 65% more than last year, analysts at Commerzbank said in a note to clients Monday, attributing the figure to the Bombay Bullion Association.
The buying spree came in connection with religious holidays and as wedding season in India approaches.
“India’s gold imports could continue in November and December, albeit at slightly lower momentum, and they could also find support if the latest fall in prices is seen as an attractive buying opportunity,” the Commerzbank analysts said.
Meanwhile, copper for March delivery (HGH11 391.90, +2.10, +0.54%) , the contract with the higher open interest, added 2 cents, or 0.4%, to $3.91 a pound.
December palladium (PAZ10 681.85, +8.20, +1.22%) added $6.55, or 1%, to $680.20 an ounce.
January platinum (PLF11 1,681, -3.60, -0.21%) retreated $4.60, or 0.3%, to $1,680 an ounce.
