LONDON: Gold edged lower on Monday, giving up some of the previous session’s sharp short-covering gains, but uncertainty over the prospect of fresh elections in Greece kept the metal underpinned near $1,200 an ounce.

Spot gold was down 0.2 per cent at $1,192.50 an ounce by 1415 GMT, after a gain of 1.8pc on Friday, when it had touched $1,199, its highest since Dec 22 and its biggest one-day jump in 2-1/2 weeks.

US gold futures for December delivery were down $2.20 an ounce at $1,193.10.

Silver was up 0.4pc at $16.07 an ounce, while platinum was up 0.1pc at $1,211.99 an ounce and palladium was down 0.6pc at $810.10 an ounce.—Reuters

Published in Dawn, December 30th, 2014