EM: Metal markets: bullion has gained ground modestly
Early on Monday bullion prices soared in light trading as many investors stayed to the sidelines after US and European markets were closed late last week for Christmas.
Spot gold inched up to $1,107.75 an ounce slightly gaining 0.4% compared to New York's notional close of $1,103.80.
US markets were closed on Friday for Christmas. Tuesday, spot gold fell to a 7-week low of 1,074.10 an ounce.
The US dollar was steady against a basket of major currencies on Monday in quiet Asian trade. The dollar was up 0.5% against the yen and up 0.3% against the euro.
US gold futures for February delivery were also up 0.4% percent, at $1,109.70 an ounce, compared to $1,104.80 an ounce on the COMEX division of the NYMEX on December 24.
The SPDR Gold Trust reported its holdings to flat at 1,132.70 metric tons as of December 27, unchanged from the previous business day. Holdings hit a record high of 1,134.03 metric tons on June 1.
Around 23:34 GMT the precious metals was quoted as much as: