Gold Prices Lose Altitude As US Stock Market Rallies

New York (Nov 26)  Gold prices have lost most of their modest early gains, in late-morning trading Monday. A strong rally in the U.S. stock market so far today is a negative for the safe-haven gold and silver markets. Also, the U.S. dollar index is now just slightly lower on the day and is trading near its daily high--another mildly bearish development for the metals today. December gold was last up $0.40 at $1,223.60.

By 2:25pm EST spot gold was down $2 at $1,222, while spot silver was off 9 cents at $14.27. However, spot palladium jumped $15 to $1,148, while spot platinium was basically flat.

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