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Comex gold barely weaker at quiet midday

NEW YORK: Comex gold was barely weaker at midday in quiet trade, depressed by the weaker tone in the silver market, traders said.

Floor sources noted moderate fund buying of at least 500 lots at $387.70 an ounce helping to buoy the December contract in otherwise featureless trade.

At 1213 EDT, December gold was off $0.30 at $387.80 an ounce, traded narrowly between $388.10 and $387.10 A high of $388.60 was hit on ACCESS overnight.

Dealers quoted bullion at $382.70/$383.20.

Gold's open interest rose 1,481 lots to 175,852 Tuesday, suggesting that fresh short positions were behind the day's declines. December gold closed $1.60 lower yesterday.-Reuter