But some say recent rallies are a reason to sell
LOS ANGELES (MarketWatch) — Gold hovered in flat territory on Monday, with investors apparently not too fearful that weakness in equities will spill over into the new week.
At last check, gold for August delivery GCQ4 -0.16% was up 30 cents at $1,295.10 an ounce. September silver SIU4 +0.02% added 8 cents to $20.45 an ounce.
Gold put an end to a three-day losing stretch on Friday after data showed the economy added fewer jobs than analysts had expected. Still, more than 200,000 jobs were added for the sixth-straight month. And that hasn’t happened since 1997.
INTL FCStone analyst Edward Meir said he is still bearish on gold and says any substantial rallies is cause for selling amid an improving economy.
“The specter of higher rates, coupled with sluggish investor and jewelry demand, does not make the upside case for gold particularly persuasive at this juncture,” he said.
Elsewhere in metals trading, October platinum PLV4 +0.25% added $7.50 to $1,470.80 an ounce, while September palladium PAU4 +0.08% lost $5.05 to $869.60 an ounce. High-grade copper for September HGU4 +0.08% delivery was flat at $3.21 a pound.
