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Gold steadies as bargain hunters resurface Lewa Pardomuan Gold fell more than 1 percent on Tuesday, before bargain hunters resurfaced and plucked the price from its lowest level nearly two weeks, but weaker oil could encourage investors to lock in profits from a recent rally. Spot gold <XAU=> hit a low of $790.80, its lowest level since November 2, before rebounding to $803.20/804.00 an ounce, steady from $803.10/803.90 late in New York. Gold posted its biggest percentage loss since October 2006 on Monday, after investors liquidated positions on sliding oil and a wave of risk aversion, which hit equity and foreign exchange markets. Gold hit a 28-year high of $845.40 last week.
"I suspect also investors have probably built up long positions as the gold had been rising in recent weeks," said David Moore, a commodity strategist at Commonwealth Bank of Australia. "I think the gold price is moving in such a wide range at the moment that support levels and resistance levels don't seem to be especially relevant at this point," he said. U.S. light crude for December delivery <CLc1> fell 42 cents to $94.20 a barrel by 9:09 p.m. EDT, recovering from early lows after Saudi Oil Minister Ali al-Naimi said the producer group would not act on output at this week's heads of state summit in Riyadh.
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