Gold Lower After Profit Taking

Gold prices are modestly lower in morning dealings Monday, on some profit-taking pressure from recent gains. Bulls remain in firm near-term control as prices are trending higher and hovering near last Friday’s 13-month high. The overall near-term path of least resistance for prices remains sideways to higher. April Comex gold was last down $3.40 at $1,267.20 an ounce. May Comex silver was last down $0.039 at $15.655 an ounce.

World stock markets were mostly weaker Monday on corrective pullbacks following recent good gains. The focus of traders and investors this week is the Thursday meeting of the European Central Bank. Many believe the ECB this week will announce further monetary policy stimulus measures by pushing interest rates further into negative territory, in an effort to jumpstart the moribund Euro zone economy.

China held its big central planning meeting during the weekend, with economic officials laying out plans to promote growth. Government officials said China’s GDP will grow by 6.5% to 7% this year. That’s a hefty number by world standards but is the slowest projected growth rate laid out by China in over 25 years.

via Kitco

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