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Gold remains firmer

NEW YORK: COMEX gold remained firmer at midday in quiet trade, after rising early largely on the back of gains in silver, traders said.

One floor source noted stop-loss commission house buying giving a further boost to the market when the December contract broke above its recent high of $390.50 an ounce, although prices soon stalled amid trade selling.

At 1230 EDT, December gold was up $0.60 at $390.20 an ounce, traded between $391.00 and $389.70.

Dealers quoted bullion at $384.40/$384.90.

Traders saw little in the way of fundamental news to lend direction to gold today, although U.S. price and retail sales data in the latter part of the week and the COMEX September options expiry after Friday's close may offer some impetus.

There were also expectations that the Bundesbank would cut Germany's repo rate on Wednesday.-Reuter