Gold little change near 4-month minimums

On Monday, gold prices were little changed close to four-month minimums, as a broadly stronger American dollar kept dampening demand for the precious metal.

In New York, December delivery gold futures almost stood still, trading at $1,256.15.

The December contract concluded Friday’s trading session 0.17% lower, reaching $1,255.50 an ounce.

Futures were about to gain support at $1,249.5, the minimum from October 7 and a four-month minimum and resistance at $1,259.00, the peak from October 13.

Gold prices remained under pressure as Friday’s positive American data kept the greenback at a seven-month high against other key currencies.

A stronger American dollar usually weighs on gold, because it dampens the precious metal's appeal as an alternative asset and also makes dollar-priced commodities less affordable for holders of other currencies.

The greenback strengthened broadly after American retail sales ascended 0.6% in September, which is quite in line with expectations. 

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