NEW YORK (TheStreet) -- Gold prices were higher Monday as the U.S. dollar retreated slightly against the euro.
Gold for December delivery was gaining $1.20 to $1,610.5 at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,614.50 and as low as $1,605.30 an ounce, while the spot price was rising $3.70, according to Kitco's gold index.
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"The market is kind of stuck in a wait and see pattern, we don't really have any economic data coming out for the next few days, so I mean gold prices are just range bound," said Phil Streible, senior commodities broker at RJO Futures. "They're probably going to look and see if the euro currency continues as the dollar weakens."
Silver prices for September delivery were dipping 11 cents to $27.70 an ounce, while the U.S. dollar index was climbing 0.02% at $82.34.
Investors in the yellow metal last week awaited any possible signals by the Federal Reserve and European Central Bank for a fresh round of quantitative easing.
Two weeks ago a report suggested Fed officials had grown closer to easing and ECB President Mario Draghi pledged to do whatever it took to save the eurozone, but central banks failed to deliver and gold hovered around the $1,600 psychological threshold for the rest of last week.
Gold traders may have to wait until late August or September before another meaningful event will offer a substantive catalyst for the precious metal.
Gold could get a push from Thursday's weekly jobless claims (as the Fed has said unemployment would be an indicator as to whether the United States would need additional easing), and there may even be some movement on Friday's consumer sentiment report from the University of Michigan.
But the Fed isn't slated to offer any words until September, and many gold investors have noted that August would prove to be a slow action, low volume month as many people in the United States and Europe head for summer vacations.
Gold mining stocks were mostly higher Monday. Shares of Eldorado Gold(EGO_) were climbing $3.1%, while Newmont Mining(NEM_) was up 2.5%.
