This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Gold Slides as 'Dovish' Fed Calls Don't Include More Stimulus

NEW YORK (TheStreet) -- Investors dented Gold prices on Monday as a surge in stock markets forced rotation out of the yellow metal.

Gold for June delivery at the COMEX division of the New York Mercantile Exchange dropped $10.50 to settle at $1,283.80 an ounce. The gold price traded as high as $1,299.30 and as low as $1,282.70 an ounce.

"People believe the economy is going to come back and the taper is going to continue, so the need for gold just isn't there," Phil Streible, senior commodities broker at RJO Futures, said in a phone interview from Chicago.

Markets jumped by more than 0.8%, with the Nasdaq gaining more than 1%, as Federal Reserve Chair Janet Yellen said Monday that the weak labor market required "extraordinary" commitment to support the moderately expanding economy.

Must Read: Saturday, March 29: Today in Gold and Silver

Though loose monetary policy from the central bank usually boosts gold prices, Yellen's comments didn't necessarily suggest the need to slow the Fed's so called taper -- a pullback of its current economic stimulus program.

Silver prices for May delivery dipped 4 cents to $19.86 an ounce, while the U.S. dollar index was sliding 0.12% to $80.08.

-- Written by Joe Deaux in New York.

>Contact by Email.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
IAU $10.28 0.59%
GLD $101.92 0.66%
SGOL $103.95 0.66%
AAPL $118.30 0.42%
FB $104.24 -1.15%


Chart of I:DJI
DOW 17,719.92 -78.57 -0.44%
S&P 500 2,080.41 -9.70 -0.46%
NASDAQ 5,108.6660 -18.8590 -0.37%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs