Updated from 10:15 a.m. EDT with settlement prices
NEW YORK (
were slipping Monday as the U.S. dollar strengthened against the euro, while investors awaited on eurozone finance ministers to reach a financial aid agreement with Spain in meetings Monday and Tuesday.
Gold for December delivery closed down $5.10 to $1,775.70 an ounce at the Comex division of the New York Mercantile Exchange. The
traded as high as $1,782.50 and as low as $1,768.20 an ounce, while the spot price fell $7.30, according to Kitco's gold index.
"Continued small selling from Friday, ministers in Europe meet and the euro is easier," George Gero, precious metals strategist, wrote in a note.
for December delivery were shedding 56 cents to $34.02 an ounce, while the
U.S. dollar index
was adding 0.29% to $79.57.
The euro was falling Monday against the dollar to $1.2970, which was lower than the prior day settlement at $1.3036.
Monday marked the second-straight trading session that the yellow metal sold off slightly. A better-than-expected unemployment rate didn't bolster confidence that the
new mortgage-backed securities program, also known as quantitative easing, would continue to last out through the long term. The Fed said its open-ended program announced last month would continue for as long as needed until the labor market significantly improved and had held its improvements for an extended period of time.
Gold was up last Thursday as European Central Bank President Mario Draghi said the central bank would be ready to buy government bonds when countries such as Greece and Spain meet the conditions to receive help. Investors have waited to see if or when Spain would request financial assistance. Any sort of easing from Europe would have the potential to push up gold prices in the near term.
Gold mining stocks were mixed early Monday. Shares of
(EGO - Get Report)
were dipping 2%, while shares of
(AU - Get Report)
were adding 1.1%.
Among other stocks,
(KGC - Get Report)
was trading down 1.4%, while
(ABX - Get Report)
was losing 1.6%.
SPDR Gold Trust
was down 0.35%.
Check Out Our Best Services for Investors
Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts