MW: Gold futures edge lower; oil prices climb over $1
By Myra P. Saefong
SAN FRANCISCO (MarketWatch) - Gold futures edged lower early Monday, looking to extend their losing streak to a third-straight session as investors turned their attention to a rally in U.S. stocks and pulled prices for crude oil up by more than $1 a barrel. Gold for December delivery GC1Z -0.03% fell $3.70, or 0.2%, to $1,738.60 an ounce on the Comex division of the New York Mercantile Exchange. "Given the return of some risk appetite and the influx of bargain hunters into the equity markets gold seems likely to face further pressure in the coming sessions," said analysts at TheBullionDesk.com in a note to clients. September crude oil [s:cl1u] rose $1.48, or 1.7%, to $86.86 a barrel. Energy prices will likely "continue to tee off macro variables coming out of the U.S. this week, while also shadowing equity markets," analysts at MF Global said in a research note.
