Gold prices were fairly steady on Monday after falling .6 percent last week on strong economic data and rising equities.
According to Bloomberg, gold for December delivery lost 0.1 percent to $1,230.10 an ounce by 7:27 a.m. on the Comex in New York. Bullion for immediate delivery was little changed at $1,230.01 in London, according to Bloomberg generic pricing.
U.S. economic data beat projections last week, and the U.S. dollar remained strong, keeping a downward pressure on the precious metal. Binary Tribune reported that the US dollar index for settlement in December traded at 85.660 at 9:50 GMT today, down 0.18 percent. The greenback moved between the range of 85.540 and 85.800 during the day, with the contract trading close to the 30-day average of 85.710.
What may be propping prices up in the face of a strong dollar and rising equities is the physical demand for the precious metal coming mostly out of India. As Binary Tribune noted, the country's religious festivals are in full swing, with one part of the tradition being gold buying. For the duration of the festival season in India, analysts expect that physical demand for gold will remain strong.
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