Market eyes European Central Bank policy move Thursday
by Myra P. Saefong and William Watts
Gold futures settled with a loss on Monday, failing to hold earlier gains after a rally last week lifted metal to its highest level in more than a year.
A rally in oil prices helped draw investors toward assets perceived as more risky, dulling gold’s investment appeal.
Gold for April delivery GCJ6, -0.17% fell $6.70, or 0.5%, to settle at $1,264 an ounce on Comex, following 4.1% rally last week that lifted prices to their highest level since early February of last year. They touched a high of $1,274.10 early Monday, finding support as market bulls anticipate a further round of monetary easing by the European Central Bank this week.
May silver SIK6, -0.28% fell 6.1 cents, or 0.4%, to $15.633 an ounce.