Gold prices have extended early weakness to trade moderately lower in late-morning dealings Monday. The just-announced U.S. sanctions against Russia were deemed by the market place as not being as severe as could have been implemented. That likely put a bit of downside price pressure on gold.
Also, some upbeat U.S. economic data released Monday–pending home sales and the Texas manufacturing survey–helped to add some more downside price pressure on gold. The rallying U.S. stock market Monday is a bearish “outside market” force that, too, is working against the precious metals markets Monday. June gold was last down $7.60 an ounce at $1,293.20.
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