Gold sold hard in early New York trade
Higher Treasury yields and stops hit gold in a quick fall through Friday's low that's spiraled. The precious metal is down $23 to $1709 from $1725 just a short time ago.
There have been a series of selloffs early in New York trade at one of the most-liquid times of the day and this follows in that trend.
There's also technical element to the move with stops on a series of lows over the past couple of weeks.
In the bigger picture, I think gold can form a base in the next few weeks so long as the March low of $1676 holds. I'm a long term bull but not in a rush to buy dips.
