"We opened up this morning in New Zealand exceptionally well bid across the board," Jonathan Barratt, managing director at Commodity Broking Services, told the news service. "We got a high in gold and then we got massive sell orders in the spot market and the price fell through. When futures opened the market fell again."
At 8:21 a.m. on Monday, gold futures slipped 0.29 percent, a $4.50 drop to $1,551.90 per troy ounce. Silver futures were down 7.36 percent, a $3.59 decrease to $45.02 per troy ounce.
The record price for gold futures now stands at $1,577.57 per troy ounce.
Last week, silver futures notched 31-year highs of $49.79 per troy ounce, less than $1 from all-time record prices of $50.35 per troy ounce.
"Those sort of moves may be an indicator of a key reversal, but it will often take one or two weeks to unfold," Barratt said.
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