Updated from 12:58 p.m. ET with settlement prices
NEW YORK (
were little changed on Monday as the yellow metal tracked the major U.S. equity indices.
Gold for August delivery at the COMEX division of the CME slipped $3 to settle at $1,386 an ounce. The
traded as high as $1,388.50 and as low as $1,375.10 an ounce, while the spot price was increasing $3.38.
"When the equities were pressing lower we saw gold prices rise; I think they're working very inversely with the equities -- very sensitive to it," Phil Streible, senior commodities broker at RJO Futures, said in a phone interview from Chicago.
for July delivery closed up 18 cents to $21.93 an ounce, while the
U.S. dollar index
was slipping 0.04% to $81.66.
Stocks dropped at the opening bell, but quickly lifted above the flatline as Standard & Poor's raised its outlook for the U.S. credit rating to stable. The ratings agency said it upwardly revised the credit outlook for the U.S. on strength in the economy, monetary credibility, receding fiscal risks and the U.S. dollar's status as the global reserve currency.
Gold mining stocks were mostly higher on Monday. Shares of
were adding 0.56%, and shares of
(GFI - Get Report)
were gaining 0.58%.
Among volume leaders,
(ABX - Get Report)
was increasing 0.65%.
Adrian Day, president of Adrian Day Asset Management, said in an interview that
he viewed senior miners Barrick Gold and Kinross Gold as "trading vehicles" in the summer,
while he said junior miners were better for long-term investment.
"I think it's a great time to get in now over the summer -- gold stocks are normally weak over the summer, because they tend to have a lot of retail interest," said Day. "Retail people have better things to do during the summer, we hope, than watching screens all day long."
SPDR Gold Trust
was up 0.44% to $133.87 a share, while
iShares Gold Trust
was tacking on 0.45% to $13.46.
-- Written by Joe Deaux in New York.