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Gold Prices Plummet as Fund Managers Duck Out

"If you look at it in the beginning of the morning with Empire manufacturing slightly better than expected, then what you also had was industrial production was slightly worse than expected, then the consumer sentiment number kind of came in right on target," said Doug Roberts, chief investment strategist of ChannelCapitalResearch.com. "So at this point, there's no real catalyst to either go up or down based on economic news."

Gold-mining stocks were lower Friday. Shares of Gold Fields (GFI) were plunging 7.7%, while Eldorado Gold (EGO) was dropping 5.4%.

Among volume leaders, Barrick Gold (ABX) was off 2.7%.

SPDR Gold Trust was shedding 1.8% on higher-than-average volume, and iShares Gold Trust (IAU) also decreased 1.8%.

-- Written by Joe Deaux in New York.

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Stock quotes in this article: GLD, IAU, GFI, ABX, EGO, GDX, GDXJ 

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