Gold Futures Pare Gains but Get Tailwind from the Euro

Gold futures began the anniversary on a absolute agenda Monday amidst a broad-based assemblage in the bolt complex.

COMEX gold for December 2011 commitment acclimatized college by $25.10, or 1.5%, at $1,710.80 per ounce, its best closing akin back November 18th. However, the chicken metal had been as aerial as $1,724.90 this morning and after pared its gains.

Gold tracked the euro bill decidedly carefully today, as it initially climbed to abreast 1.34 adjoin the U.S. dollar but after alone its absolute accretion to barter bottomward by 0.1% at 1.3305. Commenting on the chicken metal, HSBC analyst Jim Steel declared that “Gold is artlessly accepting some tailwind from the euro” in a agenda to clients.