NEW YORK (TheStreet) -- Gold prices were higher Monday as gold offered a haven for investors amid sluggish U.S. economic indicators.
Gold for August delivery was rising $5.60 at $1,572.50 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,577.30 and as low as $1,566.90 during the session, while the spot price declined 70 cents, according to Kitco.com.
"I wouldn't be surprised if we see a little bit of short-covering today, if we don't get the extension downward a lot of it is looking at that European summit that's later on in the week -- that's the primary focus," said Phil Streible, senior commodities broker at RJO Futures.
Silver was gaining about 7 cents at $26.74, while the U.S. dollar index was up 0.36% to $82.51.
George Gero, financial consultant at RBC Wealth Management, said he thinks investors will turn to gold as a safe haven this week.
"Stocks weak everywhere, gold getting more buyers as economic problems and stress wherever the investor turns, so gold and the dollar are the havens," Gero wrote in a morning note.
Among gold miners, Eldorado Gold(EGO_) was falling to $12.13, down 27 cents, or 2.2%, while Randgold Resources(GOLD_) was dipping to $88.02, down $1.37, or 1.5%.
