Gold price weaker, at daily lows amid bearish outside markets

New York (Oct 21)  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 11:20am EST spot gold was down $5 to $1,485, while spot silver eeked up 3 cents to $17.61. However, spot pltinium slde $888, while spot palldium was hammered down $17 to $1,754.

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