Gold futures were flat on Monday amid higher oil prices and a silver price reversal.
Gold for December delivery on the Comex division of the New York Mercantile exchange was last down 20 cents or 0.1 percent at $1,133.80 per ounce. Trade has ranged from $1,125.0 to $1,135.20.
In a light news day, the Organisation of Petroleum Exporting Countries (OPEC) is attempting to cull vast oversupply by speaking directly to producers, according to reports.
Light sweet crude (WTI) oil futures on the Nymex were last up $3.29 or 7.3 percent to $48.51 per barrel, the highest mark since July 31.
Additionally, Comex silver for December delivery reversed and was last up 4.0 cents to $14.575 per ounce.
“The strength of silver relative to gold has always been a consistent leading/coincident indicator of strength in the precious metals generally,” Dennis Gartman, editor and publisher of The Gartman Letter, said. “That is, when silver is gaining upon gold our marked propensity is to err bullishly of metals generally.”
In US data, Chicago PMI for August was 54.4, a tad below the 54.7 figure achieved in July.
Investors are awaiting the release of the August non-farm payroll job’s report, one of the last key data figures ahead of the September Federal Open Market Committee (FOMC) meeting.
Turning to US equities, the Dow Jones industrial average and S&P were each down 0.6 percent, while the dollar was 0.4 percent softer at $1.1225 against the euro.
As for other precious metals, platinum for October delivery on the Nymex fell $10.40 to $1,011.30 per ounce, while the most-actively traded palladium contract was at $600.0, up $10.45.
The London Metal Exchange (LME) was closed today due to a bank holiday.
(Editing by Tom Jennemann)
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