Gold bottomed at $883 just after the open of London trading on Monday, moved higher in fits and starts until noon, then sagged from there through the Globex, finishing at $890.30/oz., up $4.20 from Friday. Overnight, gold has been trending higher.

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Isn’t it true the Canadian oil sands yield a type of low-grade oil good only for synthetics and not for gasoline or home heating?

Gold futures closed at $899.90 an ounce Friday, the highest level in close to a month, gaining 1.6% on the week as lackluster economic data increased the precious metal’s appeal as an inflation hedge.

Gold moved steadily higher from the overseas markets straight through the New York NYMEX and Globex sessions on Monday, finishing at its intraday high of $874.00, up $17.20. Overnight, gold edged slightly higher in London.

The Chinese are wild gamblers! We all know that! When it comes to gold, however, they seem risk averse. Gold futures were introduced on Shanghai’s Futures Exchange in January. They were only the second product – after zinc – on this new market.

Gold futures have shed over 4% so far today in what MarkeWatch is calling “a broad-based commodities sell-off.”

According to the site, “gold for June delivery tumbled $41.80, or 4.5%, to $879.70 an ounce on the New York Mercantile Exchange. Other metals futures were also sharply lower, with platinum selling off 7%.”

Read on at MarketWatch.com