Gold Prices Continue Their Skid
NEW YORK (
Gold for April delivery was falling $20.20 to $1,584 an ounce at the Comex division of the New York Mercantile Exchange. The
"It's just the downward momentum from earlier in the week; we saw some macro hedge fund selling, but this wasn't offset by physical buying in Asia," said Howard Wen, a precious metals analyst at HSBC Bank USA. "It has picked up recently from China, but it's not enough to offset that pressure from macro funds."
The yellow metal last week sank in four of five trading sessions in thin trade volumes as China was absent from the gold market for the Lunar New Year holiday.Though Chinese traders re-entered the market this week, gold prices have continued their skid and dipped below the $1,600 an ounce threshold.
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