(Kitco News) – Gold prices are modestly down and have hit new daily lows in late-morning action Monday. A combination of a stabilizing U.S. dollar index, weaker crude oil prices and firmer U.S. stock indexes is putting mild downside pressure on the safe-haven metal. A bit of chart-based selling is also evident as the near-term technical posture for gold is not as bullish as it was a few weeks ago. December gold was last down $2.50 an ounce at $1,491.60.
By Jim Wyckoff
For Kitco News
Contact jwyckoff@kitco.com
www.kitco.com
