Gold Tumbles to Four-Week Low as Investors Grab Profits
Gold for April delivery at the COMEX division of the New York Mercantile Exchange was dropping $24.20 to $1,311.80 an ounce. The gold price traded as high as $1,335.70 and as low as $1,310.60 an ounce, while the spot price was slumping $24.40.
"It's just technical selling that we've got going on here, which suggests in the near term that the path of least resistance for prices is going to continue to be sideways to lower," Jim Wyckoff, senior analyst at Kitco.com, said in an interview.
Overnight, March flash Chinese manufacturing data slid to a reading of 48.1, down from a February reading of 48.5. The weaker reading suggested that demand for commodities in the country was declining -- a move that could be hurting the yellow metal on Monday.Silver prices for May delivery were decreasing 31 cents to $20, while the U.S. dollar index was adding 0.07% to $80.18. Gold miners were mostly lower on Monday. Shares of NovaGold Resources were dropping 6.5%, while AngloGold Ashanti (AU) was off 4.9%. Gold ETF SPDR Gold Trust (GLD) was sliding 1.7%, while iShares Gold Trust (IAU) also was dipping 1.7%. -- Written by Joe Deaux in New York. >Contact by Email. Follow @JoeDeaux
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