Updated from 1:13 p.m. EST with settlement prices
Gold for April delivery dropped $19.60 to $1,662 an ounce at the Comex division of the New York Mercantile Exchange. The
"I think markets are treading water and waiting for some new signal, or stronger signal plus or minus; I think in the short run we could go in either direction," said Jeffrey Nichols, senior economic adviser at Rosland Capital.Gold has traded in a tight range in recent days as investors have navigated through option expiration, a poor gross domestic product report and an unsurprising Federal Reserve policy-making announcement this past week. Traders are also poised to analyze the Bureau of Labor Statistics January employment situation report and the Institute for Supply Management Manufacturing survey, both expected to print Friday morning.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
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
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts