By Deborah Levine, MarketWatch
NEW YORK (MarketWatch) — Gold futures pared gains in early U.S. trading on Monday, having advanced more in holiday-thinned trading in Asia and Europe.
Gold for February delivery (GCG11 1,384, +3.50, +0.25%) rose $1.10 to $1,381.60 an ounce.
Silver for March delivery (SIH11 2,922, -11.30, -0.39%) extended an earlier decline, slipping 15 cents, or 0.5%, to $29.18 an ounce.
Meanwhile, contracts on platinum and palladium stayed in positive territory but also shed a portion of their earlier gains.
The main news over the long holiday weekend came from China, which raised its lending and deposit rates. Read about China’s rate hike.
In currencies trading, the dollar pared already slim losses at the same time, reducing the appeal of dollar-denominated commodities.
The dollar index (DXY 80.38, -0.11, -0.14%) which measures the greenback against a basket of six major currencies, stood at 80.390, down slightly from 80.487 late Thursday.
U.S. markets were closed Friday for Christmas, and London markets are closed Monday and Tuesday.
