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Gold closes out grim month on a modestly higher note

Friday, 29 Nov 2013 | 1:56 PM ET
Source: World Gold Council

Gold settled higher on Friday, but suffered from its biggest monthly drop in five months on signs that recovery in the U.S. economy could lead to the curbing of easy central bank money.

Gold shed more than 5 percent in November and has lost around a quarter of its value so far this year, which puts it on track to post its first annual loss in 13 years.

It has stayed below $1,300 for the past three weeks and has been largely rangebound in the last few sessions due to thin trading around the U.S. Thanksgiving holiday on Thursday.

Spot gold was last up 0.6 percent to $1,251 an ounce. It had fallen to a 4-1/2 month low of $1,227.34 on Monday.

U.S. gold futures settled 1 percent higher at $1,250.40 an ounce. Traders see the next resistance levels at $1,255 and $1,290, while support stands in the $1,220 area.

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The dollar edged up 0.1 percent against a basket of currencies, while U.S. Treasury yields steadied above 2.7 percent, and world shares rose. Solid U.S. data over the past few weeks could bolster the case for the U.S. central bank curbing stimulus soon.

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