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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 - Get Report) were plunging 7.7%, while Eldorado Gold (EGO - Get Report) was dropping 5.4%.

Among volume leaders, Barrick Gold (ABX - Get Report) 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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SYM TRADE IT LAST %CHG
IAU $11.56 -0.69%
GLD $114.72 -0.76%
ABX $12.75 -0.08%
EGO $4.97 0.81%
GFI $4.24 5.47%

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