Gold was steady on Monday after briefly falling below $990 an ounce, as the euro trimmed some losses versus the dollar, but bullion looked vulnerable to a long liquidation after it failed to stay above $1,000 an ounce.

Physical demand was also supportive for the precious metal, traders said, who saw the jewellery demand picking as as the festive period in India, one of the top gold consumers of the world, approches.

Spot gold was at $991 an ounce by 1121 GMT, slightly up from $990.95 an ounce late in New York on Friday, when gold hit a two-week low of $984.70 an ounce.

“The stronger dollar is the reason which pushed gold below the $1,000 an ounce level,” said Eugen Weinberg, Commerzbank analyst said. “On the other hand, we’d expect a pick-up in physical demand if prices decline ahead of the festive season.”

Gold’s inverse relationship with the dollar over the past few weeks

Gold futures trimmed losses but still ended lower on Monday, as risk-averse investor sentiment and a tumbling Chinese equities market prompted selling in bullion and other commodities.

The positive link between gold and equities market has been on the rise, as the metal is used as a hedge against inflation and erosion of portfolio values.

“The markets today are focusing on China and the sharp break of the Shanghai equities index,” said Bill O’Neill, managing partner of New Jersey-based LOGIC Advisors.

“In recent weeks, we noted the weakness in the equities, of course, has had a positive relationship with commodities, and that continued to be a factor,” he said.

Global stocks fell on Monday, dragged by a six percent tumble in China, which sent nervous investors into the yen for safe haven. Wall Street was off about 1 percent in afternoon trade.

U.S. December gold futures settled down $5.30 at $953.50 an ounce on the COMEX

Gold held just under $950 an ounce today, Wednesday, as the dollar steadied against a basket of currencies with weakness in the euro underpinning prices, but gains were capped by lack of physical demand for the metal.

A slide in oil prices is also undermining support for gold, analysts said.

Spot gold was at $947.85 an ounce at 1402 GMT, against $948.15 an ounce late in New York on Tuesday. U.S. gold futures for August delivery on the COMEX division of the New York Mercantile Exchange were up $1.30 at $948.20 an ounce.

“We are stuck in a range,” said Afshin Nabavi, head of trading at MKS Finance in Geneva. “We have to break below $944 or above $955 in order to see some interest in the market.”

“With stocks opening lower and the euro not performing that (well), gold could test the lower end of its range,” he added.

The dollar <.DXY> was steady versus a

Gold firmed today, Thursday, as weakness in the dollar prompted interest in the precious metal as a currency hedge, with some physical demand after the previous session’s fall also supported prices.

Spot gold was bid at $912.50 an ounce at 1417 GMT, against $908.45 an ounce late in New York on Wednesday. U.S. gold futures for August delivery on the COMEX division of the New York Mercantile Exchange rose $3.50 to $912.80 an ounce.

Gold sold off on Wednesday in line with other commodities, slipping to an eight-week low, after the U.S. Commodity Futures Trading Commission said it was considering a clampdown on excessive speculation in commodities.

Afshin Nabavi, head of trading at MKS Finance in Geneva, said the slip was met with some light physical buying in the Far East and Europe.

“We saw some small demand out of the Far East this morning,” he said. “But India and the Middle East is still very

Dollar weakens to two-month low versus euro… Oil climbs nearly 7 percent; OPEC supply cut expected

Gold rose more than 2 percent in Europe on Monday as the dollar slipped to a fresh two-month low versus the euro, boosting interest in the precious metal as a currency hedge.

Gold was held below $830 an ounce for much of the day by technical resistance, but stops were triggered as the rising euro pushed prices higher, leading to a spike to a two-month high of $842.15 an ounce.

Spot gold was quoted at $840.05/842.05 an ounce at 1533 GMT, against $819.90 an ounce in New York late on Friday.

Traders are awaiting an announcement on interest rates from the U.S. Federal Reserve on Tuesday, which will have a significant impact on the foreign exchange market, and consequently on gold.

“On the currency side, the high

Dollar firms vs euro ahead of expected ECB rate cut… Traders eye U.S. data, central bank rate cuts for impetus… U.S. November car sales tumble 37 pctGold eased on Wednesday as the dollar firmed against the euro, denting the metal’s appeal as a currency hedge, with traders awaiting a raft of key economic news due later this week.

A spate of interest rate decisions, including that of the European Central Bank on Thursday, are set to influence the currency markets, and key U.S. non-farm payrolls numbers will be released on Friday.

Spot gold slipped to $773.05/775.05 an ounce at 1000 GMT from $781.50 an ounce in New York late on Tuesday.

“This is a big week for news, and a lot of people will be on the sidelines ahead of that,” Afshin Nabavi, head of trading at MKS Finance, said. “This is going to be