Ronald Leung, Director of Lee Cheong Gold Dealers in Hong Kong, told Reuters that there is end-quarter selling, some profit taking, and the dollar is a bit strong. Leung said that people are only buying a small amount of physical gold because the global economy is still struggling. He added that it is going to be range trading for a little while, watching currencies and their direction.
Gold futures for delivery in April on the Comex division of the New York Mercantile Exchange are currently trading 0.16% lower at $1,655.30 an ounce.
The SPDR Gold Trust (ETF) (NYSE: GLD) is down 0.44% to $160.80 in pre-market trading, while the Market Vectors ETF Trust (NYSE: GDX) is little changed in pre-market trading.
Silver prices are marginally higher in early trading today. At last check, silver futures were trading 0.25% higher at $31.91 an ounce.
In pre-market trading in New York, the iShares Silver Trust (ETF) (NYSE: SLV) is currently down 0.71% to $30.94, and the ProShares Ultra Silver (ETF) (NYSE: AGQ) is currently unchanged at $53.78.
The ProShares UltraShort Silver (ETF) (NYSE: ZSL), which takes a short position on silver, is inactive in pre-market trading. On Wednesday, ZSL ended 2.87% higher at $10.74.
FUNDAMENTALS
* Gold prices slipped under $1,680 an ounce, extending a fall from 2-week highs into a third session as the dollar recovered from near a one-month low and crude oil values turned lower.
* Copper was off following a 2 percent fall in the previous session although doubts over demand in China and the pace of economic recovery in the U.S. made investors cautious.
* China's Minmetals Resources plans to use its C$1.3 billion Anvil Mining acquisition as a platform to buy more copper assets in central and southern Africa.
* South Korea's Hyundai Steel expects the steel market to recover in the second half of this year led by a pickup in automobiles and construction despite high oil prices, weak Chinese demand and euro zone debt issues.
ECONOMY
* Germany's March unemployment rate fell to 6.7 percent from 6.8 percent in February.
* The March euro zone economic sentiment index fell 0.1 to 94.4, compared with the expected 94.6.
* Final fourth quarter U.S. GDP at 0830 EDT (1230 GMT) is seen unchanged from the second estimate at 3.0 percent.
* U.S. initial jobless claims at 0830 EDT are expected at 350,000, up from last week's 348,000.
MARKETS
* Global stocks dipped after disappointing U.S. data tempered the outlook for the world's biggest economy while the price of oil stabilized following some sharp losses.
* The euro fell against the dollar as concerns about contagion from the euro zone debt crisis overshadowed a solid Italian bond auction.
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