SAN FRANCISCO (MarketWatch) — Gold prices drifted slightly lower Monday after putting in some wide swings during Christmas week.
Gold for February delivery GCG5, -0.26% turned down $2.20, or 0.2%, to $1,193.10 an ounce. Silver for March delivery SIH5, -0.48% also reversed course, slipping 5 cents, or 0.4%, to $16.09 an ounce.
Gold prices ended last Friday on a big uptick but still finished down a bit for the holiday-shortened week due to heavy losses in the prior sessions.
Stewart Thomson of Graceland Updates is looking for a good year for gold in 2015
“Short term volatility will be high, but the price will trend higher,” he wrote. “Gold is working off what is an overbought technical condition, and should be poised to stage a significant rally by early January.”
In other metals trading, platinum for April delivery PLJ5, -0.58% gave up $3.60, or 0.3%, to $1,216.30 an ounce. Palladium for March delivery PAH5, -0.36% lost $5.10, or 0.6%, to $813.50 an ounce.
High-grade copper for March delivery HGH5, +0.05% tacked on 1 cent to $2.83 a pound. Copper futures recently fell to their lowest level since June 2010.
