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Gold Prices Move Down

Gold prices were slipping Monday after hitting a one-month high.
Author:

NEW YORK (

TheStreet

) --

Gold prices

were slipping Monday after hitting a one-month high.

Gold for April delivery was down $6.10 to $1,116 an ounce at the Comex division of the New York Mercantile Exchange. Gold has traded as high as $1,131.50 and as low as $1,110 Monday. The

U.S. dollar index

was rising 0.04% to $80.59.

Gold Trades Sideways

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Risk appetite returned briefly on Monday driving gold past the $1,125 resistance level as a smaller than expected rise in January

consumer prices

helped curb inflation fears. However, weaker-than-expected first-quarter guidance from Lowe's

renewed investors' worries

of a protracted economic recovery and traders sold out of riskier commodities.

Many analysts believe that gold prices still have to settle above the $1,125-an-ounce resistance area for several trading days in order for gold to edge higher. Analysts also will be looking to the U.S. dollar and China for direction. Chinese markets had been closed last week for the Lunar New Year celebration, which is historically a catalyst for gold buying. Any sign of weakening demand for physical gold along with further monetary tightening could weigh on prices for the short term.

"After a nice run-up, gold is simply digesting its move," says George Gero, vice president of global futures at RBC Capital Markets. "

Prices are just going up and down and sideways with the dollar for the most part. ... I'm looking for

a technical breakout at $1,150."

Silver prices

were slipping 15 cents to $16.25 while copper was down 5 cents to $3.30.

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Mining stocks, a more leveraged way to

invest in gold

, were mixed.

Barrick Gold

(ABX)

TST Recommends

was down 1.96% to $38.60. Other large-cap miners

Newmont Mining

(NEM) - Get Report

and

Goldcorp

(GG)

were slipping to $47.92 and $38.13, respectively.

Kinross Gold

(KGC) - Get Report

was falling 0.59% to $18.40.

Shares of

Freeport McMoRan Copper & Gold

(FCX) - Get Report

were flat at $77.11 while

Yamana Gold

(AUY) - Get Report

was down 0.57% at $10.52.

Shares of the popular physically backed ETF

SPDR Gold Shares

(GLD) - Get Report

were flat at $109.27. The ETF shed 1.83 tons on Friday as some investors sold out of their precious metal positions headed into the weekend.

>>Slideshow: How to Invest in Gold

>>More stories on gold investing

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Written by Alix Steel in New York

.

Alix joined TheStreet.com TV in February 2007. Previously, she held positions in film and theater production, management, and legal administration. Alix has a degree in communications and theater from Northwestern University.