By Robert Daniel, MarketWatch
TEL AVIV (MarketWatch) — Gold futures traded modestly higher during European hours Monday.
Gold for December delivery GCZ2 +0.36% rose $5.70, or 0.3%, to $1,737 an ounce.
On Friday, gold futures rose, completing a weekly gain of more than 3%, as concern about the fiscal health of the U.S. and the euro zone persisted.
Investors also took heart from reports of strong demand coming from India and China. Read Nov. 9 metals stocks column with details of the demand expectations from China and India.
And other market observers noted that President Barack Obama’s re-election suggested that the Federal Reserve’s quantitative-easing program, which is bullish for bullion, would continue. Read Commodities Corner: What Obama’s reelection means for gold.
Among metals to start the week, trading was narrowly mixed.
Silver for December delivery SIZ2 +0.34% ticked up 10 cents, or 0.3%, to $32.70 an ounce, while January platinum PLF3 +0.78% added $11.40, or 0.7%, to $1,571 an ounce.
December copper HGZ2 +0.32% traded little changed at $3.45 a pound, with December palladium PAZ2 +0.09% off 90 cents, or 0.2%, to $610 an ounce.
Robert Daniel is MarketWatch's Middle East bureau chief, based in Tel Aviv.
