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NEW YORK (
Gold prices were slightly lower Monday as traders took a rest after Friday's gap up on a poor jobs report.
Gold for April delivery at the COMEX division of the CME slid $3.40 to settle at $1,572.50 an ounce. The
traded as high as $1,582.90 and as low as $1,566.60 an ounce, while the spot price was losing $8.90, according to Kitco's gold index.
"There's not a lot of other outside developments that are going on right now to give [gold] that extra boost,"
Phil Streible, senior commodities broker at RJO Futures, said in an interview. "We're not seeing any kind of further deterioration in Cyprus; North Korea . . . they haven't taken any real decisive action yet, so a lot of traders have also used the rally to liquidate some of the positions."
Silver prices for May delivery lost 8 cents to close at $27.14 an ounce, while the
U.S. dollar index was adding 0.23% to $82.76.
The yellow metal popped on Friday as traders covered their short positions after the March employment situation came in much weaker than expected. The miss on nonfarm payrolls suggested that the labor market has continued to improve at an uneven pace and that a large number of individuals continue to leave the work force.
Looking ahead on the week, the
Federal Reserve will release the minutes of its March 20 policy meeting.
The Fed, immediately after that meeting had concluded, said in a statement it
expected the economy to return to moderate growth. The central bank also revised down its 2013 real GDP forecast, but cut its unemployment rate prediction.
Gold mining stocks closed mostly lower on Monday. Shares of
Royal Gold(RGLD - Get Report) were off 2%, and shares of
NovaGold Resources(NG) slid 3.6%.
Among volume leaders,
Barrick Gold(ABX) lost 1.4%.
SPDR Gold Trust(GLD) was off 0.43% to $152.16 a share, while
iShares Gold Trust(IAU) dropped 0.39% to $15.29 a share.
-- Written by Joe Deaux in New York.