Gold for December delivery fell $1.8 (0.1%) to settle at $1,749.6 an ounce on the Comex division of the New York Mercantile Exchange on Monday.
On Thursday, December silver rose 2 cents, or 0.1%, to settle at $34.14 an ounce.
U.S. traders and investors came back from the Thanksgiving holiday on Monday and are again focusing on the negotiations among U.S. lawmakers and President Obama regarding the so-called “fiscal cliff” tax increases and spending cuts that are approaching. The precious metals showed little reaction to Monday's U.S. economic data that showed a weaker Texas manufacturing survey and a weaker Chicago Fed national business activity index.
In overnight trading, the European markets were quieter and are awaiting the results of yet another key meeting of Euro zone leaders in Brussels on Monday, to decide when and how to disburse fresh bailout funds to cash-starved Greece. Most market watchers think EU leaders will grant new monies to Greece very soon, if not Monday.
It was reported on Monday that German consumer confidence has dropped just ahead of the Christmas season.
The dollar index, which weighs the strength of the dollar against a basket of six other currencies, rose by 0.1% on Monday.
At the MCX, gold prices for December delivery closed higher by Rs 111 (0.34%) at Rs 32,359 per ten grams. Prices rose to a high of Rs 32,464 per 10 grams and fell to a low of Rs 32,219 per 10 grams during the day's trading.
At the MCX, silver prices for December delivery closed higher by Rs 463 (0.73%) at Rs 63,734/Kg. Prices opened at Rs 63,300/kg and rose to a high of Rs 64,142/Kg during the day's trading.
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