NEW YORK (
) -- A strong U.S. dollar weakens
The better-than-expected U.S. unemployment number on Friday lifted markets' spirits and opened the door to the possibility that the Federal Reserve could raise interest rates sooner than expected. This would lend support to the U.S. dollar but put pressure on gold prices.
and continued its downtrend on Monday. "Support in the yellow metal is now thought to be found near $1130/1135 but the target being aimed for could also possibly lie deeper - near $1072 per ounce" says Jon Nader, senior analyst at Kitco.com in his daily metals report. Now the question remains is this correction in gold prices a buying opportunity or the start of a bearish trend?
Buy Gold Here
Gold delivery for February was plummeting $26.20 to $1,143.30 at the Comex division of the New York Mercantile Exchange. Gold prices have traded as high as $1,162.50 and as low as $1,136.10. The
was rising .03% to $75.94.
Silver prices were shedding 48 cents to $18.03 while copper was lower by 6 cents to $3.17.
Mining stocks, a more leveraged way to
, were selling-off along with the commodity.
was lower by 3.35% to $41.43. The stock received several downgrades on the news that production at its Cortez-Hills mine could be halted due to environmental concerns. According to Barrick's website "the company is currently evaluating the decision and considering its legal options." Competitor,
was losing 1% to $51.18.
Freeport McMoran Copper & Gold
were slipping .44% to $79.19 while
was sinking almost 4% to $12.31.
SPDR Gold Shares
lost 1.5 tons Friday's on gold's major sell-off. Shares were currently slipping 1.24% to $112.36.
Market Vectors Gold Miners
was sinking 2.84% to $49.09 while shares of
Market Vectors Juniors
were losing 2.91% to $26.35.
Written by Alix Steel in New York