Gold Rebounds To Reclaim Important Level

Gold futures rebounded on Monday to reclaim a key level after finishing at a four-month low in the previous session. December gold rose $8.50, or 0.7%, to settle at $1,260.40 an ounce for the session. Gold's move above its 200-day moving average of $1,260 is supportive from a technical perspective, said Peter Hug, global trading director at Kitco Metals Inc. Still, it is too early to determine whether the precious metal's recent weak trend has reversed, he added.