(Corrects platinum price drop linked to erroneous data feed)
* Resilience above $1,700/oz reassures investors
* Drop in stocks, commodities exerts some pressure
* Markets brace for impact of Hurricane Sandy
By David Brough
LONDON, Oct 29 (Reuters) – Gold prices held near $1,710 an
ounce on Monday as concerns over the global growth outlook
supported demand for the metal as a store of value, but losses
in the broader financial markets kept a lid on gains.
Resilience above $1,700 an ounce, a level gold repeatedly
tested last week, has reassured buyers who had feared a deeper
correction after it fell to a more than six-week low at
$1,698.39 on Oct. 24, analysts said.
But the metal struggled for traction on Monday as global
stock and commodity prices fell, with a recent run of downbeat
corporate earnings casting a shadow over the growth outlook and
investors bracing for the impact of a giant U.S. hurricane.
U.S. stock markets will be closed on Monday and possibly
Tuesday, the operator of the New York Stock Exchange said, as
the East Coast braces for Hurricane Sandy. That could thin gold
trade.
Continued…
