Gold Prices Slide Again - TheStreet

Gold Prices Slide Again

Bullion is losing $5.60 at $680.90 an ounce.
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Gold and silver prices were tumbling again Thursday on further sales by speculators liquidating their positions in the wake of further weakness in stocks.

Benchmark futures contracts for gold bullion were losing $5.60 at $680.90 an ounce, while silver was shedding 19 cents at $12.96 an ounce in recent action on the Comex division of the New York Mercantile Exchange.

The exchange-traded funds that own inventories of metal,

iShares Comex Gold Trust

(IAU) - Get Report


iShares Silver Trust

(SLV) - Get Report

, were following the action in the futures market, off 1.1% and 1.8%, respectively.

"With the equity markets selling off hard, it's time to take money off the table and run," says Andy Montano, director of precious metals at the Toronto-based bullion bank Scotia Mocatta.

Among the miners, shares of

Eldorado Gold

(EGO) - Get Report

were losing more than 4%, while

Newmont Mining

(NEM) - Get Report

was losing 2% after the unfavorable move in the gold price.

In the currency markets, the dollar was down against the yen, recently trading at 119.27 yen vs. 120.51 previously. Sterling was weakening, with one pound buying $2.0483, down from $2.0524 a day earlier. The euro was little changed at $1.3727.

As for base metals, copper was off a penny at $3.55 a pound.

Elsewhere, UBS upgraded shares of

U.S. Steel

(X) - Get Report

to a neutral rating from reduce. Still, the shares were falling 2%.

Turning to the agricultural complex, sugar prices were ahead by 1.4% at 10.3 cents a pound. Wheat and corn were both up more than 1%.