NEW YORK (
) -- Gold futures were retreating as investors took some profits and the U.S. dollar rebounded.
Gold delivery for December was trading flat at $1,102.10 at the Comex division of the New York Mercantile Exchange. The contract has traded as low as $1,097.20 and as high as $1,106.20.
Silver was lower by 10 cents to $17.37 while copper was flat at $2.95.
Gold settled above $1,100 for the first time on Monday prompting some light profit taking in the sector. The U.S. dollar index was also climbing back from a 14-month low rising .12% to $75.13. Long term the precious metal continues to look to the U.S. dollar for direction. "Short-term direction will depend largely on the dollar and broader risk sentiment", says James Moore, analyst at thebulliondesk.com in his daily metals report. "Gold could be poised for another upside leg to challenge the $1120 area should the Dollar Index extend significantly below the 75 area."
Embrace Gold's Volatility
After a huge equity rally Monday, mining stocks were taking a breather.
was flat at $43.00 and
was trading at $50.56.
were slipping 2.66% to $78.85 after the company reported third quarter revenues of $104.3 million. The company said that gold sales rose 32% as compared to a year ago and Randgold reported on its website that it pans to "fast-track its Gounkoto project."
, which is partnering with Randgold in acquiring Moto Goldmines, was trading flat at $42.40.
Freeport MoMoran Copper & Gold
was relatively unchanged at $83.20.
SPDR Gold Shares
added 6.10 tons during Monday's session as gold held above $1,100. Shares were trading steady at $108.19.
Written by Alix Steel in New York
Alix joined TheStreet.com TV in February 2007. Previously, she held positions in film and theater production, management, and legal administration. Alix has a degree in communications and theater from Northwestern University.