Gold futures tick higher in Asia trading

SYDNEY (MarketWatch) — Gold futures climbed Monday, almost retaking losses made in the previous session, as investors rediscovered some of the precious metal’s safe-haven appeal.

Gold for delivery in April GCJ3 +0.11%  added $4.50 to trade at $1,576.80 an ounce in Asia electronic trading hours.

Reuters

Gold fell $5.80, or 0.4%, to settle at $1,572.30 an ounce on the Comex division of the New York Mercantile Exchange on Friday for the lowest settlement for a most-active contract since July 18.

By Friday’s close, prices had tallied a three-session drop of more than $43 an ounce, or 2.7%. Read: Gold down a third day, at lowest since mid-July

Gains for the U.S. dollar have dampened gold’s appeal to holders of non-U.S. currencies. The ICE dollar index DXY +0.13%   traded at 82.289 on Monday in Asia, up slightly from 82.265 in late North American trading on Friday.

Additionally, ”the resilient U.S. stock market is also playing a roll in siphoning money away from commodities, with gold being the biggest loser in this reshuffle,” said INTL FCStone strategist Edward Meir.

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But investors were turning away from stocks Monday, in Asia at least, with Chinese stocks particularly hard-hit. Read: Property stocks sink China but boost Japan

Around the wider metals complex, May silver SIK3 +0.25%  rose 12 cents to $28.61 an ounce.

Platinum for delivery in April PLJ3 +0.26%  added $3.40 to $1576.90 an ounce, but June palladium PAM3 -0.05%  declined $1.30 to $719.10 an ounce.

Copper for delivery in May HGK3 +0.04%  fell 1 cent to $3.49 per pound.