Gold price struggles for direction after weekly gain

New York (Nov 19)  Gold futures edged slightly lower in featureless trading early Monday, looking for direction after scoring a weekly gain on rising geopolitical worries and continued stock-market weakness.

Gold for December delivery GCZ8, -0.23%  on Comex fell 40 cents, or less than 0.1%, to $1,222.60 an ounce, while December silver SIZ8, -0.29%  was off 0.7 cent to $14.375 an ounce.

“Gold is slightly weaker as the new week of trading begins because of benign stock markets, no further falls in bond yields and the fact that the U.S. dollar is no longer falling,” wrote analysts at Commerzbank, in a note.

Gold ended higher Friday for a third consecutive session to book a weekly advance of more than 1%. The yellow metal found a haven-related lift from geopolitical worries surrounding Britain’s planned exit from the European Union and conflicting reports on prospects for progress toward resolving the U.S.-China trade dispute.

Gold has bounced back from a dip that had taken the yellow metal back toward the $1,200-an-ounce threshold earlier this month.

Read: Here’s how Brexit turmoil could become a problem for U.S. and global investors

The ICE U.S. Dollar Index DXY, +0.01% a measure of the U.S. currency against a basket of six major rivals, was off 0.1% Monday. Last week it saw a 0.4% decline. Gold and the dollar often have an inverse relationship.

U.S. stock index futures pointed to a slightly lower start for Wall Street on Monday.

In other metals trade, palladium futures continued to push into record territory, with the December contract PAZ8, +0.60%  up 0.6% at $1,161.40 an ounce after rising 1.5% Friday to log a record close.

January platinum PLF9, +0.39%  rose 0.4% to $850.20 an ounce, while December copper HGZ8, -0.48%  was off 0.6% to $2.7805 a pound.

Among exchange-traded funds, the SPDR Gold Shares GLD, +0.74%  was down 0.2% in premarket action.

MarketWatch