* Stocks edge up as Wall Street reopens after two days
* Traders focus on Friday’s U.S. non-farm payrolls
* Gold importers in India await lower prices
By David Brough and Jan Harvey
LONDON, Oct 31 (Reuters) – Gold rose nearly 1 percent to its
highest in a week on Wednesday as U.S. stock markets held firm
after re-opening following Hurricane Sandy, but gold ended lower
for the month, snapping four straight monthly gains.
Prices broke back above $1,720 an ounce as U.S. traders
returned to their screens after a two-day closure following a
storm that battered the U.S. east coast.
Spot gold was at $1,720.90 at 1842 GMT, up 0.7
percent, while U.S. gold futures for December closed up
$7 at $1,719.10. The metal dropped 2.8 percent during October,
its first one-month decline since May.
On Oct. 5, Gold hit an 11-month high above $1,795, after the
Federal Reserve unveiled new measures to boost the U.S. economy.
Stimulus measures heighten inflation concerns while maintaining
downward pressure on interest rates, both positive factors for
gold.
However gold retreated in line with other nominally
higher-risk assets such as stocks and other commodities later in
the month, as euphoria from the move petered out, with
confidence in its rally dented by a failure to break $1,800 an
ounce.
Continued…
