Gold futures weaved in and out of the red Monday, looking for a firmer direction after they rallied strongly last week on the Federal Reserve's latest bond-buying plan.
Gold for December delivery GCZ2 -0.11% retreated $0.60 to $1,772.20 an ounce on the Comex division of the New York Mercantile Exchange.
The metal gained 1.9% last week as plans by the Federal Reserve to launch fresh monetary-easing measures spurred demand for gold.
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"The good news about gold today is that we're not down substantially," said Adam Klopfenstein, a senior market strategist with Archer Financial in Chicago. "The market is digesting a big meal from the Fed last week."
Gold is seen as a hedge against inflation and tends to benefit amid fears of currency debasement. . .View Full Article