Gold Ends Higher on Strong Stock, Technical Support

Gold futures on the COMEX Division of the New York Mercantile Exchange gained a little on Monday, buoyed by rising stock markets and technical factors. Silver and platinum both ended higher.

Gold price for December delivery rose 2.50 U.S. dollars, or 0.3 percent, to finish at 994.10 dollars an ounce.

Analysts indicated that the rally in stock markets, which rose for the first session in four, gave the precious metal some support. By the end of gold floor trading time, the Dow industrials gained almost 150 points, or 1.5 percent.

The strong performance in energy market also helped gold end higher. The benchmark oil contract for November delivery climbed 1dollar, or 1.5 percent, when gold closed in pit trading.

The yellow metal failing to hit a new 3-week low is considered supportive technically. Earlier in the session the contract dipped to an intraday low of 986.70 dollars, still above the weakest level of 985.50 since September 10.

December silver finished at 16.195 dollars per ounce, up 13.5 cents. January platinum gained 1.90 dollars to 1290.80 dollars an ounce.