Gold prices slipped Monday as the greenback strengthened and speculators trimmed their holdings.
Benchmark bullion futures were down $6.10 at $879.70 an ounce in recent action on the Comex division of the New York Mercantile Exchange. Over time, as the value of the dollar appreciates, the price of gold tends to decline.
streetTracks Gold Shares
was falling 0.6%.
"This morning, profit-taking has seen prices soften across the board," writes the London-based commodities team at Barclays Capital in a research brief. "Speculative interest was scaled back in gold and silver
with net long positions now at their lowest level since September 2007."
In the gold patch, shares of
were lower by about 1.9%, weighed down by the falling metal price.
was losing 2.1%.
In the foreign-exchange market, one euro was buying $1.5447, down from $1.5476 on Friday. The dollar was changing hands for 103.80 Japanese yen, up from 102.94 yen previously. The British pound was selling for $1.9582 vs. $1.9517 in the prior session.
CurrencyShares Euro Trust
CurrencyShares Japanese Yen Trust
were declining 0.2% and 0.7%, respectively. The
CurrencyShares British Pound Sterling
was rising 0.4%.