Gold Weakens on Technical Selling Pressure, Firming U.S. Dollar Index

New York (Mar 2)  Gold prices have backed off from their daily highs and are trading modestly lower in late-morning dealings Monday. The yellow metal started losing altitude when the U.S. dollar index rallied above unchanged and traded near its session high. The overall technical posture for gold remains in favor of the bearish camp, and that also has prompted some chart-based selling. April gold was  last down $4.80 an ounce at $1,208.50.

Spot silver fell nearly 2% to $16.52 as US equities surge to new all-time record highs. However, palladium suged $10 to $828, while platinum lost $1 to $1,190.