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Commodities Update: Gold Recovers 1.4%, But Still Under $1,300 an Ounce

Gold futures contracts are being whipsawed as they are up 1.4% today after tumbling below the psychological benchmark of $1,300 an ounce on Friday on conflicting views over when the Washington budget impasse will be resolved.

Precious metals that are viewed as safe havens in periods of political and economic uncertainty.

Gold for December delivery (GCZ3.NYM) is up $18.40, or 1.4%, to $1,286.60 an ounce on the New York Mercantile Exchange after closing Friday at $1,268.20, which was the lowest price in about three months.

December gold contracts posted a decline of 3.2% last week.

Silver contracts (SIZ3.NYM) are up 1.7%, or 36 cents to $21.60.

In exchange traded fund activity, SPDR Gold Shares (SPDR) are down $1.65, or 1.3% to $122.62, while iShares Silver Trust ( SLV ) is down 30 cents, or 1.4%, to $20.53.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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