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1st LD Writethru: Gold extends gains to start week

Xinhua, January 13, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange jump more than 1 percent on Monday as oil prices continued their downward march, weighing on U. S. equities.

The most active gold contract for February delivery added 16.7 U.S. dollars, or 1.37 percent, to settle at 1,232.8 dollars per ounce.

U.S. equities continued showing weakness on Monday, as another slump in oil prices pushed investors away from equities, piling into havens such as government bonds and gold.

Some traders say they are basically cautious regarding markets in general, as long as oil prices don't stabilize.

Gold also found support from traders choosing to focus on the weak wages growth, despite robust U.S. jobs data, which will keep the Federal Reserve slow down the pace of rate hike, boosting demand for gold as a safe haven.

The U.S. Employment Situation report was released last Friday showing that average hourly earnings slipped 0.2 percent in December after gaining 0.2 percent the prior month. Expectations were for a 0.2 percent rise.

Silver for March delivery increased 14.5 cents, or 0.88 percent, to close at 16.564 dollars per ounce. Platinum for April delivery gained 10.9 dollars, or 0.89 percent, to close at 1,241 dollars per ounce. Endite