Gold Backs Down from Daily High as Outside Markets Turn Bearish

New York (Feb 26)  Gold prices are holding moderate gains but have lost about half of the early, solid gains seen at the U.S. futures market opening. Some upbeat U.S.economic data released that included higher-than-expected durable goods orders and a higher reading on core U.S. inflation pushed the U.S. dollar index sharply higher. Meantime, crude oil prices are trading lower. These two key "outside markets" are in a bearish posture for the precious metals and have prompted some selling pressure in late-morning U.S. trading. April gold was last up $6.20 an ounce at $1,207.70.

Spot silver slid from $16.90 to $16.61, while platinum was still up $1 at $1,179, and palladium was totally flat on the day at this hour at $811.

Source: KitcoNews