Gold Slips Lower As US Stock Indexes Rebound, USDX Up

New York (Feb 6)  Gold prices have dropped to modestly weaker levels in late-morning action Tuesday. The U.S. stock indexes opened the day session down but have just turned higher on the day. This, along with a rally in the U.S. dollar index today, are working to pressure the gold and silver markets a bit. However, if the stock market selling pressure intensifies today, which is entirely possible, then safe-haven gold will catch a good bid again. April gold was last down $2.00 at $1,334.30.

By 11 am EST spot down had fallen $14 to $1,328 while spot silver was down more than 1% to $16.66 as the US$ bounces to a 2-week high.

KitcoNews