RTRS: Gold edges down on oil, platinum near 3-year low
SINGAPORE: Gold inched down on Monday as oil dropped on demand fears, while platinum steadied after tumbling to its weakest in nearly three years on economic weakness and dismal car sales.
Gold was trading at $828.00 an ounce, down $6.80 an ounce from New York's notional close on Friday, when it hit a two-week low at $818.70 after the US House of Representatives voted to pass a $700 billion to bailout the U.S. financial system.
Platinum was trading at $950.00 an ounce, unchanged from New York's notional close. It tumbled to $836.50 on Friday, its lowest level since November 2005.
Oil prices slumped 2 percent on Monday, falling for a fourth day as traders feared efforts to contain the spreading credit crisis would fail to stave off a deeper decline in oil demand.
New York gold futures fell $1.6 an ounce to $831.6 an ounce on the COMEX division of the New York Mercantile Exchange.
The US dollar rose versus the euro on Friday as the approval of a $700 billion rescue package by Congress for the U.S. financial sector left investors fretting that Europe might not have adequate measures to deal the credit crisis.