Gold prices are largely unchanged for a second day as traders seem cautious.
Concerns that stocks may drop sharply and drive profit-taking in gold, as they did on Friday, could be weighing on traders' minds, says Jeffrey Halley, market analyst at OANDA.
New York futures are hovering around $1,780 a troy ounce and are last up 0.3% at $1,787.10 an ounce. "Gold traders appear to be content to await further developments from the side-lines," says Halley. Recent stock sell-offs have hit gold as investors have sold profitable positions in the precious metal to cover losses elsewhere and fear of that happening again could be keeping gold's advance in check, says Halley.
Source : Bloomberg