Gold Price Drops Farther, Bears Flirting With $1,300 Mark

New York (May 1)  The gold market is seeing strong selling pressure in late-morning price action Tuesday. The bears are working hard to push prices below major psychological support at the $1,300.00 level, after having already sunk prices below the key 200-day moving average, basis June Comex futures. A powerful up-move in the U.S. dollar index today, to a nearly four-month high, has the precious metals markets reeling. June gold was last down $16.10 an ounce at $1,303.10.

KitcoNews