Gold sputters after last week’s rally MADRID (M
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MADRID (MarketWatch) — Gold futures on Monday sputtered in flat territory to start the week, barely budging from its range-bound finish in the prior session as traders continue to mull when the Federal Reserve will start tapering its bond-buying program.
At last check, gold for December delivery (CNS:GCZ3) slipped 10 cents to $1,287.30 an ounce. Silver (CNS:SIZ3) was flat at $20.73 an ounce.
On Friday, gold futures rode Fed Chairwoman nominee Janet Yellen’s support for the stimulus program to their first weekly gain in three. For the week, gold added 0.2%. But the bullish lean toward gold likely won’t continue much longer, according to MKS analyst Moudi Raad.
“Gold is likely to find it hard to gain any upside momentum, especially with equity markets continuing to reach record highs, which not only look set for further gains, but they provide the much-sought- after yield which investors around the globe are yearning for,” he said. http://www.marketwatch.com/story/gold-sputter...beforebell
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