Chicago - Xinhua
Gold futures on the COMEX Division of the New York Mercantile settled lower on Monday, as a strong U.S. dollar dampened demands for the metal as an alternative investment. The most active gold contract for December delivery declined 6. 4 U.S. dollars, or 0.38 percent, to 1,676.6 dollars per ounce. Market analysts said traders were very cautious. Some chose to take profits after the rally in dollar. The dollar index on Monday traded around 77.14, up 0.7 percent from the prior trading day. Traders are also monitoring the fragility in the European Union. Germany damped expectations for a fast resolution to European debt crisis by saying that European governments would not resolve the eurozone debt crisis at the European Union meeting slated for Oct. 23. But the gold\'s loss was limited by the support from Asian investors\' increasing demands for physical buying, said a trader. Silver for December delivery shed 35.2 U.S. cents, or 1.1 percent, to 31.821 dollars per ounce. Platinum for January delivery also declined 3.1 dollars, or 0.2 percent, to 1,551.8 dollars per ounce.