SAN FRANCISCO (MarketWatch) — Gold futures edged lower Monday as the dollar rebounded, with investors reassessing the likely impact of more easing measures from the Federal Reserve.
Gold for December delivery was down $3, or 0.2%, to $1,369.20 an ounce. Silver posted a fresh 30-year high.
“Gold very well may be coming to a point where meaningful upside, without some consolidation, may be hard to come by,” said Dan Greenhaus, market strategist at Miller Tabak, in a note.
Bullion regained some strength, however, as prices earlier hit an intraday low of $1,353.20 an ounce.
The dollar index (DXY 77.07, +0.03, +0.03%) , which measures the U.S. unit against a basket of six major currencies, rose to 77.25 from 77.038 late Friday.
Gold dropped Friday after macroeconomic indicators suggested an improved economic picture while Fed Chairman Ben Bernanke made cautious remarks about the extent of further monetary easing.
Meanwhile, silver for December delivery added 5 cents, or 0.2%, to $24.34 an ounce.
December copper advanced a penny, or 0.2%, to $3.85 a pound.
Industrial production declined in September, the Federal Reserve said Monday. Production slid 0.2%, the first drop in six months. Read more about industrial production.
