MTECHTIPS;-Gold: Hurricane Sandy brings trading to near-halt; in tight range

MTECHTIPS;-Gold: Hurricane Sandy brings trading to near-halt; in tight range

Gold is in a narrow range with traders on the East Coast more focused on Hurricane Sandy. “We don't expect much with many New York based traders staying home, the floor of Comex closed, and the NYSE also closed,” said TD Securities in a research note.According to the firm, end of the week may get interesting as we move towards the October non-farm payrolls number for the US. For now, markets globally are focused on Europe, with the euro working group due to meet Monday to discuss Greece's request for a two-year extension for the implementation of austerity measures.“Some reports suggest that there is a division on how best to address the issues between the IMF (International Monetary Fund) and the European officials. The IMF wants to immediately reduce Greece’s debt burden though 'haircuts', a notion Germany will not accept,” TDS added“In Greece, the government will vote on Wednesday and again later in the week on the new austerity measures. They are expected to pass, but as ever, with Greece the expected cannot be taken for granted,” TDS notedAt 8:09 a.m. EDT, December gold was down $1.50 to $1,710.40 an ounce on the Comex division of the New York Mercantile Exchange after a range of $1,709.20-$1,717.80 so far since electronic trading opened.

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