Gold futures creep above $790

Gold futures have reversed last week's negative trend, rising today (December 3rd) as investors responded to dollar weakness.

Futures, now for February delivery, rose $3.70 to $792.80 per ounce on the New York Mercantile Exchange, helping to stem last week's $40 losses in the value of the precious metal.

Market analysts said that the fundamentals for a precious metal were not primed this week, indicating that gold would not likely shoot back over the $800 mark at the same rate as it did only weeks ago.

Resistance was identified at around $795, with the dollar outlook not dark enough for investors to buy gold as a purely safe haven investment, but futures were nevertheless resilient in rising up above $790 per ounce.

While oil prices have come down significantly, allowing gold prices to slide, the fate of the greenback did help to buoy gold prices to some degree, with the US currency slipping back against the euro, which this morning posted a value of to $1.4658, slightly ahead of its level late on Friday.

While futures staged the beginnings of a recovery today, bullion investment was less resilient for spot gold, which slipped below $780 per ounce before finding support and easing back up this afternoon.