Gold Prices Slide as Terrible 2013 Nears Finish
Gold for February delivery at the COMEX division of the New York Mercantile Exchange fell $10.20 to settle at $1,203.80 an ounce. The gold price was as high as $1,216.10 and as low as $1,200.20 an ounce, while the spot price was down $10.58, or 0.87%.
"Last minute end of year sellers appeared in gold, citing currencies, [and] interest rates due to recovering economics as headwinds," George Gero, precious metals strategist at RBC Capital Markets, wrote in a note.
The spot price of gold has fallen more than 27% in 2013, a year that witnessed a well-documented crash in mid-April. The price continued to lose value through December, when the Federal Reserve announced it would scale back its economic stimulus program.The price of gold has repeatedly tested $1,200 an ounce -- a level technical strategists consider a key point of support that, if broken, could open the door to new multi-year lows. Silver prices for March delivery decreased 43 cents to close at $19.62 an ounce, while the U.S. dollar index was off 0.42% to $80. Gold mining stocks were mostly lower on Monday, in-line with gold futures. Shares of Newmont Mining (NEM - Get Report) were down 1.8% to $23.16. Gold ETF SPDR Gold Trust (GLD) was down 0.96% to $116, while iShares Gold Trust (IAU) was off 1% to $11.66. The GLD is one of the most commonly followed gold-backed ETFs and has played a role in significantly shifting so-called paper gold prices in 2013. The ETF is down more than 28% year-to-date. -- Written by Joe Deaux in New York. >Contact by Email. Follow @JoeDeaux
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