April 11, 2011
Gold prices were falling Monday as investors traded in their gold for cash at record high prices and as the U.S. dollar rallied.
Gold for June delivery was down $3.90 to $1,470.20 an ounce at the Comex division of the New York Mercantile Exchange. Gold has traded as high as $1,478 and as low as $1,465.60, while the spot gold price was shedding more than $8, according to Kitco’s gold index.
Investors were cashing in on gold’s record rally Friday, when the metal popped 1%. Record prices might also be scaring off traders worried about buying at the top. Silver prices seemed immune and were still rallying 62 cents to $41.23 an ounce despite jumping 7% last week.