Gold prices ended the U.S. day session sharply lower and hit a three-week low Monday. Technical selling was featured amid a lack of fresh, bullish fundamental news. Lower oil prices were also a bearish “outside market” force working in favor of the precious metals bears Monday. Thin volume, as many players are already off for the Christmas week, likely exacerbated the downside price move in gold Monday. February Comex gold was last down $21.40 at $1,174.70 an ounce. Spot gold was last down $19.80 at $1,174.75. March Comex silver last traded down $0.38 at $15.65 an ounce.
