MTECHTIPS

MTECHTIPS:-Gold volume light due to Hurricane Sandy

Activity in gold futures was light Monday, with the New York trading floors closed due to the approach of Hurricane Sandy but trade continuing on CME Group’s electronic platform, according to the traders.“If you have positions in the any of these markets, be extra careful of exaggerated market moves due to the conditions of extremely light volume in most markets here,” said Sean Lusk, precious-metals analyst with Ironbeam.MKS Finance, also cited the light volume, attributed a slight decline in gold to more long liquidation from momentum-based traders. Some support is coming from Chinese physical flows thanks to their interest to buy gold from now and until New Years.As of 4:28 p.m. EDT, Comex December gold was $1.90 lower to $1,710 an ounce after a narrow range for the day of $1,706.20 to $1,717.80.