Gold Plummets After Breaking Below Support (Update 1)
Updated from 11:09 a.m. ET with settlement prices
Gold for June delivery at the COMEX division of the CME dropped $32 to settle at $1,436.60 an ounce. The gold price traded as high as $1,461.20 and as low as $1,418.50 an ounce, while the spot price was slumping $22, according to Kitco's gold index.
Technical support at $1,440 an ounce failed to hold up as traders tested the level and broke below it, causing a deeper slide as the price hit electronic stops, said Phil Streible, senior commodities broker at RJO Futures.Silver prices for July delivery lost 25 cents to $23.66 an ounce, while the U.S. dollar index was jumping 0.52% to $83.13. Among gold miners, Kinross Gold (KGC - Get Report) was slipping 3.4%, while Newmont Mining (NEM - Get Report) was dropping 1.5%. Among volume leaders, Barrick Gold (ABX - Get Report) was off 1.9%. Gold ETF SPDR Gold Trust (GLD) was decreasing 1.3% to $138.98 a share, while iShares Gold Trust (IAU) was down 1.3% to $13.96. -- Written by Joe Deaux in New York. >Contact by Email. Follow @JoeDeaux
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