MW:Gold futures slip, platinum retreats after gains
By Sara Sjolin, MarketWatch
LONDON (MarketWatch) — Gold futures nudged down during European trading hours on Monday, as investors awaited action from policy makers later in the week, while platinum prices retreated after recent sharp gains.
Gold futures for December delivery GCZ2 -0.11% were off $3.20, or 0.2%, to $1,616.40 an ounce in electronic trade.
Investors in the yellow metal stayed on the sidelines. Absent “any key data relevant to price, the gold market this week is likely to be driven predominantly by political factors,” analysts at Commerzbank wrote in a note.
“For example, several rounds of talks are due to take place between Germany’s Chancellor [Angela] Merkel, French President [François] Hollande, Greek Prime Minister [Antonis] Samaras and Eurogroup President [Jean-Claude] Juncker,” they wrote.
Samaras is reportedly expected to ask for a two-year extension to Greece’s austerity program agreed as part of the indebted country’s second bailout. Get ready for more ‘Grexit’ speculation
Among other metals, platinum for October delivery PLV2 -0.16% inched 0.3% lower to $1,468.60 an ounce, partly giving up gains achieved late last week.
On Thursday, prices surged following confrontations at top platinum miner Lonmin PLC UK:LMI -4.26% and the police in South Africa. Lonmin update on mining dispute.
September copper HGU2 -0.94% slipped 1% to $3.38 a pound, while palladium for the same month PAU2 -0.94% fell 0.9% to $599.95 an ounce.
Silver for September delivery SIU2 +0.17% bucked the trend and rose 0.3% to $28.07 an ounce.
Sara Sjolin is a MarketWatch reporter, based in London.
