Gold skidded nearly 2% lower today after sizzling to a new high just yesterday on the New York Mercantile Exchange. Gold initially remained steady through morning trading after coming off yesterday’s intraday record of $992 an ounce.
At around 11 a.m. Eastern, gold started a downward sprint as profit-taking took hold. In the end, New York gold for April traded through a spread of over $30 and finally rested at $966.30 an ounce, losing $17.90.
Platinum also moved lower by $28.90 and fell to $2,238.10 an ounce. Only hours earlier, it had passed yesterday’s record high and was standing at $2,308.80 an ounce.
With the decline of gold and platinum, Nymex silver failed to tread water and dropped down 33.5 cents to hold at $19.74 an ounce.