Gold for April delivery settled down $8.70 to $1,426.20 an ounce at the Comex division of the New York Mercantile Exchange. The gold price has traded as high as $1,438.10 and as low as $1,422 while the spot price was shedding $2.70, according to Kitco's gold index.
Silver prices lost 32 cents to settled at $37.04 an ounce.
Gold and silver were pulled between those investors seeking protection headed into the weekend and those who took profits after the metals' rally this week. But the latter won out and gold turned sharply lower before markets closed. Both metals should brace for volatility over the next week. The CME announced Thursday that the amount of money to either buy or short a 5,000-ounce silver contract will rise 5.4% to $11,745, which could cause some anxiety among traders and force them to alter some positions. When silver is hit with a margin requirement, the worry is that gold could be next.
Traders on the Comex also must decide if they should roll over their April contracts to June, sell, or let them expire, which creates a more volatile trading environment.
Select the service that is right for you!COMPARE ALL SERVICES
- $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
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV