Gold prices were hit with profit taking Thursday as traders took advantage of new record highs. Silver also backed off from its 31-year high as traders opted for stocks.
Gold for April delivery lost $21.30 to $1,416.40 an ounce at the Comex division of the New York Mercantile Exchange. The gold price has traded as high as $1,436.90 and as low as $1,412.20. The spot gold price was dropping more than $19, according to Kitco's gold index.
Silver prices were losing 50 cents to $34.33 after hitting a high of almost $35 an ounce.
The U.S. dollar index was down 0.13% to $76.54, which should lend some support to precious metal prices.
Gold prices have popped 1.8% in the past week, while silver climbed 3.8%, leading to profit taking Thursday. Also, technical traders will be reluctant to put new money to work at record highs but might take advantage of any pullback to add to their positions.
"With new highs in place and given the scale of longs recently added, there is scope for further profit taking, particularly if tomorrow's payrolls helps reinforce the drop in jobless rate last month," says James Moore, research analyst at FastMarkets. "However, we expect dips to be viewed as buying opportunities with fresh highs for gold and silver still in the pipeline."
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