Gold futures held near unchanged at $1,608 per ounce on Monday

Gold futures held near unchanged at $1,608 per ounce on Monday as financial markets in North America and Europe remained closed for the Christmas holiday. Silver stabilized as well near $29.10 per ounce in thin trading. At their current levels, gold is now higher by 13.2% on a year-to-date basis, while silver is down 6.0% in 2011.

RBC Capital Markets strategist George Gero wrote in a note to clients that he expects gold prices to trade between $1,600 and $1,650 in the coming week. He contended that a daily close above $1,615 per ounce could lead to a short-covering rally for the yellow metal during the last week of the year.

Equity markets in Asia were open on Monday, as Japan’s Nikkei 225 Index advanced 1.0% to 8,479.34 on the back of Friday’s gains in U.S. markets. In contrast to Tokyo, China’s Shanghai Composite fell 0.7% to 2,190.11 and South Korea’s Kospi dropped 0.6% to 1,856.70.

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