Gold News & Info

Source:Marketwatch

New York— Gold futures inched up Monday after fluctuating for most of the session, with concerns about the global recovery ultimately gaining the upper hand. Gold for June delivery, the most active contract, lost 30 cents, or 0.02%, to $1,228.10 an ounce on the Comex division of the New York Mercantile Exchange. Other metals also posted losses, with copper tanking more than 6%. A sliding U.S. stock market and further losses for oil took a toll on gold as investors sold bullion to cover margin calls in stocks and other commodities.

"People are jittery about holding anything now," said Adam Klopfenstein, a senior market strategist at Lind-Waldock in Chicago. "People are scrambling to get their positions squared away." At the same time, the fears that Europe's debt woes will put the breaks on the economic recovery continued to spur buying, with the margin calls 'limiting the upside for gold,'" said Bill O'Neill, a principal at Logic Advisors in New Jersey. See full story.