Updated from 11:12 a.m. EST with settlement prices and analyst comments
NEW YORK (
Gold for April delivery dropped $17.60 to settle at $1,578.10 an ounce at the Comex division of the New York Mercantile Exchange. The
European Central Bank President Mario Draghi asserted status quo policy moving forward as he pointed out that the bank would remain committed to price stability -- an answer to critics who have said the ECB is doing either too much or too little."The thing that the gold market is looking at right now is, they is just competing assets: the stock market is near a five-year high ... European stocks were firmer today, the Japanese and Asian stocks have rallied recently," Jim Wyckoff, senior metals analyst at Kitco.com, said in an interview. "The European Union sovereign debt crisis was back on the front burner earlier this week; that situation seemed to have calmed down a bit."
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV