SAN FRANCISCO (MarketWatch) -- Gold futures posted only a modest gain Monday, as traders digesting reports of a possible major gold discovery and as the dollar attempted to regain some ground following a retreat to all-time lows against the euro.
Gold for December delivery climbed 40 cents to close at $739.30 an ounce on the New York Mercantile Exchange after trading intraday as high as $741.60.
Gold prices touched a daily low of $734, with the pullback possibly "due to the rumored BHP gold discovery," said Mark O'Byrne, a director at GoldandSilverInvestments.com, in emailed comments. "However, it is only a rumor at this stage, and a more likely reason for the pullback is profit-taking and the U.S. dollar's slight recovery from the new lows reached overnight."
Overall, trader sentiment "remains firm as fallout from the recent credit crunch continues to draw safe-haven positioning," said James Moore, metals analyst at TheBullionDesk.com.
Gold closed down $1 an ounce on Friday, but for the week the benchmark contract chalked up a gain of 2.9%, adding $21.10 an ounce
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