Gold trades lower as dollar, equities aim higher
By Rachel Koning Beals
Silver futures are down 0.5% on Monday
Gold futures were trading lower on Monday to start the fourth quarter as a strengthening dollar weighed on the precious metal and U.S. equities looked set to test fresh records.
Gold for December delivery on Comex fell $9.20, or 0.7%, for the session at $1,275.50 an ounce. The move comes after futures ended last week down roughly 1%, and shed 2.7% for the month, according to FactSet data. For the quarter, however, gold prices ended up around 3.6% (http://www.marketwatch.com/story/gold-ticks-higher-as-traders-weigh-tax-cut-prospects-rate-hikes-2017-09-29).
The exchange-traded SPDR Gold Shares ETF (GLD), meanwhile, was off 0.4% early Monday.
December silver shed 8 cents, or 0.5%, to $16.595 an ounce. Silver ended last week with a loss of 1.8%, and 4.8% for the month. The metal logged a roughly 1% rise for the quarter. The exchange-traded iShares Silver Trust (SLV) was down 0.6% early in the session.
Metals declined despite a mass shooting late-Sunday on the Las Vegas Strip that has so far left at least 50 dead and scores (http://www.marketwatch.com/story/reports-of-dead-injured-after-mass-shooting-at-las-vegas-concert-2017-10-02) more injured.
The ICE Dollar Index , a measure of the U.S. unit against a basket of six major rivals, was up 0.5% early Monday, after booking a 1% rise last week. A stronger dollar makes commodities priced in the currency more expensive for buyers using weaker currencies.