Gold Extends Early Losses On Profit Taking, Firmer U.S. Dollar, Stocks

(Kitco News) – Gold prices have added to moderate early losses to trade solidly lower in late-morning dealings Friday. An upbeat U.S. jobs report, a higher U.S. dollar index and good gains in the U.S. stock indexes are all working against the precious metals market bulls at present. However, much of the selling pressure is normal profit-taking heading into the weekend, following gains that pushed gold prices to a six-month high just above $1,300.00 overnight. February gold was last down $16.30 an ounce at $1,278.50.

By Jim Wyckoff
For Kitco News


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