Gold edged up, retracing Friday's steep falls, helped by recent strength in oil prices. In early London spot market gold was offered $1.35 firm at $650.45 per troy ounce.  

OJSC Polyus Gold said its gold output rose 17 percent in 2006 to 37.8 tonnes, mainly helped by organic growth at Olimipiada mine in Krasnoyarsk region and additional production from the Kuranakh mine in the Republic of Sakha (Yakutia).

The Tokyo Stock Exchange (Tocom) is studying a plan to offer exchange traded funds linked to the price of precious metals. The proposed ETFs would encompass gold, silver and other precious metals.

Comex warehouse stocks remained almost unchanged at 7,490,913 ounces. 

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Silver prices chartered higher backed by strong gold and firm trend in oil prices. In London spot market silver quoted 7 cents higher at $13.49 per troy ounce. Comex March silver edged 11 cents up to $13.485 an ounce in the electronic trade. 

Sentiments in silver remain supported by the firm tone in base metal prices. While copper prices recovered amid large decline in LME inventories, other base metal prices were also moving higher on the LME, early Monday.

Comex warehouse stocks were unchanged at 113,935,516 ounces.