Gold Futures Prices Near 2-Week Lows As Deutsche Bank Concerns Ease

Gold Futures Prices Near 2-Week Lows As Deutsche Bank Concerns Ease

Prices of US gold futures near two-week lows Monday on short covering, as market sentiment remained supported as concerns over the health of Deutsche Bank continued to slow.

On the Comex, gold futures for December delivery were steady at $1,318.50.

Spot gold edged up 0.3 percent to $1,319.40 an ounce.

Safe-haven demand following terminal reports last week weakened the Bank Deutsche (DE: DBKGn) is coming to an agreement to settle an investigation of the mortgage-securities by paying a fine of $ 5.4 million, very below the original proposal of the Department of Justice of $ 14 billion.

Meanwhile, prices of gold were also hit with a stronger dollar after the University of Michigan, he said in a revised report on Friday that its consumer confidence index hit 91.2 in September, compared with a previous estimate of 89.8 and exceeding the expectations of a reading of 90.0.

The hedge funds and money managers raised their net long position in COMEX gold for the first time in three weeks for the week ended September 27.

Holdings of SPDR Gold Trust plunged 0.13 percent to 947.95 tonnes on Friday.

At the Multi Commodity Exchange Gold for delivery in far-month December dropped Rs 45, or 0.15 per cent, to Rs 30,936 per 10 grams on weak global cues.

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