UPDATE: Gold settles at a nearly 2-month low as dollar, equities strengthen
By Myra P. Saefong, MarketWatch , Rachel Koning Beals
Platinum prices finish above palladium for first time in 4 sessions
Gold prices end lower Monday, marking their lowest finish in nearly two months, as a stronger dollar and a rise in U.S. stock benchmarks into record territory dulled investment demand for the precious metal.
Gold for December delivery on Comex fell $9, or 0.7%, to settle at $1,275.80 an ounce. The settlement was the lowest since Aug. 8. The move comes after futures ended last week down roughly 1%, and shed 2.7% for the month, according to FactSet data. For the third 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 0.5% in Monday dealings.
December silver shed 2.2 cents, or 0.1%, to $16.654 an ounce. The exchange-traded iShares Silver Trust (SLV) was down 0.3%.
"The new week, month and quarter has started brightly for the U.S. dollar," said Fawad Razaqzada, technical analyst at Forex.com. In particular, the dollar gained against the British pound and the euro, with the euro "undermined in part by the controversial independence referendum in Catalonia region of Spain at the weekend, while the pound has been hit by weaker-than-expected U.K. manufacturing PMI data."
Razaqzada said that the dollar has been in demand over the past several weeks "as the bulls took advantage of oversold conditions on renewed hawkish rhetoric from the Federal Reserve to buy the dip."