Gold Climbs Modestly - TheStreet

Gold Climbs Modestly

The dollar also is off against the euro.
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Gold prices jumped Monday on the back of increased unease about the U.S. economy.

Benchmark bullion futures were tacking on $9.80 to $909.70 an ounce in morning action on the Comex division of the New York Mercantile Exchange. Some investors view gold as a safe-haven investment during times of economic uncertainty.

The two exchange-traded funds that hold bars of the metal,

streetTracks Gold Shares

(GLD) - Get Report

and

iShares Comex Gold Trust

(IAU) - Get Report

, were each up 0.4%.

"Consensus

in the gold market is that the U.S. economic engine remains stalled and that subsequent data on housing this week will confirm that things are not getting better on that front just yet," wrote Jon Nadler, a gold analyst at Montreal-based bullion dealer Kitco.

In the precious metals patch, shares of

Eldorado Gold

(EGO) - Get Report

were rising 2.4%, while those of

Newmont Mining

(NEM) - Get Report

were ahead by 0.7%.

In the foreign-exchange market, one euro was buying $1.5556 vs. $1.558 on Friday. One dollar was trading for 104.12 Japanese yen, unchanged from last week. The British pound was selling for $1.951 vs. $1.9555.

The

CurrencyShares Euro Trust

(FXE) - Get Report

was down 0.6%, while the

CurrencyShares Japanese Yen Trust

(FXY) - Get Report

and

CurrencyShares British Pound Sterling

(FXB) - Get Report

were both down 0.4%.