Monday, January 28, 2013

Gold hovers near 2-week low as weak technical picture weighs

Gold futures were little changed near a two-week low during European morning hours on Monday, as investors were hesitant to buy into the market amid a weak technical outlook.

Gold futures were also weighed by easing concerns over the global economic outlook.

Prices held in a tight range between USD1,659.45 a troy ounce, the daily low and a session high of USD1,663.65 a troy ounce. Prices touched a two-week low of USD1,655.15 a troy ounce on January 25.

Crude oil little changed near 4-month high on global recovery hopes

Crude oil futures held steady near a four-month high during European morning hours on Monday, as mounting optimism over the health of the global economy continued to support prices

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