By Virginia Harrison, MarketWatch
SYDNEY (MarketWatch) — Gold futures rose in electronic trading Monday as policy easing by global central banks continued to encourage buyers, while other metals headed lower.
Gold for December delivery GCZ2 -0.01% climbed $5.30, or 0.3%, to $1,777.90 an ounce on the Comex division of the New York Mercantile Exchange during Asian trading hours.
The metal notched 1.9% gain last week as plans by the Federal Reserve to launch fresh monetary easing measures spurred demand for the metal.
Gold is seen hedge against inflation and tends to benefit amid fears of currency debasement.
Anne-Laure Tremblay, BNP Paribas precious metals strategist said prices are also being supported by more accommodative policy stance of central banks in Europe and China.
“Additional market liquidity and higher risk appetite are the two main factors that underpin our positive price forecast in the fourth-quarter of 2012, and first-half of 2013,” Tremblay wrote in a research report.
Silver tracked gold higher Monday, as the broader metals complex declined.
Silver futures for December delivery SIZ2 -0.12% added 7 cents, or 0.2%, to $34.73 an ounce.
On the downside, copper for December delivery HGZ2 -1.01% lost 4 cents, or 0.9%, to $3.80 a pound.
Platinum for October delivery PLV2 -0.86% dropped 90 cents, or 0.1%, to $1,712.80 an ounce. December palladium PAZ2 -1.25% declined 80 cents, or 0.1%, to $698.50 an ounce.
