Gold futures ceased its drop on Monday from a one-month low, jumping even...
Gold futures ceased its drop on Monday from a one-month low, supported by a lower dollar, as traders turned their attention to U.S. economic data and events in the week ahead.
Dealers believe that further direction of gold will depend upon the dollar.
The prices of precious metals had stabilized after a sell-off last week fueled by a dollar rally, but traders say it?s unlikely to see the prices above $440 due to the year-end holidays.
On Monday February contract gold futures jumped $2.20 to $437.50 an ounce at the New York Mercantile Exchange's COMEX division, within a range of $435.30 to $439.60.
"Everything is still a dollar play and traders are looking at economic data that could push the dollar, and thus push the gold market," said a trader at a bank.