(12-24) 07:18 PST New York (AP) —

Commodities prices were little changed Monday amid light Christmas Eve trading. Oil prices slipped, while precious and industrial metals edged higher.

Investors have just five trading sessions left this year, days typically reserved for the last-minute window dressing of portfolios. The commodities markets have been a treasure trove for investors who made early bets on rising prices this year, with double-digit gains in several corners. Oil is up 42 percent so far in 2007. Gold has risen 28 percent. Wheat has surged 89 percent.

Trading hours are abbreviated Monday ahead of the Christmas holiday Tuesday, when exchanges are closed for the day. The Chicago Board of Trade closes at 12 p.m. CST, and the New York Mercantile Exchange shuts at 1:30 p.m. EST. Trading also wraps up early on the London Metal Exchange.

Gold made modest gains as the dollar fell against the euro. The greenback’s steep decline against the 13-nation euro this year has been a major driver behind gold’s advance from less than $650 an ounce in January to a 28-year high near $850 an ounce in November. Investors often use gold as haven from falling currency values.

An ounce of gold for February delivery added $1.30 to $816.70 an ounce on the Nymex. March silver futures rose 7.7 cents to $14.565 an ounce.

The euro bought $1.4401, up from $1.4358 late Friday.

Industrial metals moved higher on the LME. Copper rose nearly 5 percent, while zinc gained more than 4 percent. Nickel prices jumped about 2 percent.

Nymex copper for March delivery rose 9.85 cents to $3.196 a pound.

Energy prices retreated. Light, sweet crude for February delivery dropped 69 cents to $92.62 a barrel, giving back some Friday’s big gains. Oil prices rose more than $2 a barrel on Friday after the U.S. government reported a surge in consumer spending last month, which lifted hopes that consumers will help carry the economy through a credit and housing crisis.

January gasoline futures fell 1.85 cents to $2.361 a gallon, while January heating oil futures lost 3.56 cents to $2.5735 a gallon.

This entry was posted on Monday, December 24th, 2007 at 7:39 pm While Dave was in Money. Responses are currently closed, but you can trackback from your own site.