Gold Moves Sharply Lower After Seeing Early Strength

(RTTNews) - After seeing some strength early in the session, the price of gold moved sharply lower over the course of the trading day on Monday, extending the substantial pullback seen over the two previous sessions.

Gold for April delivery plunged $60.70 or 2.0 percent to $2,951.30 an ounce and has now plummeted $188.60 or 6.0 percent over the past three sessions, which marks the bigger three-day dollar decline since April 2013.

The extended slump by the price of the precious metal came amid a continued rebound by the value of the U.S. dollar.

The U.S. dollar index has edged up 0.2 percent to 103.19, continuing to regain ground after tumbling to a six-month low last Thursday.

Anxiety in financial markets about a global trade war also continued to weigh on gold even though the precious metal is typically viewed as a safe haven.

Traders also continued to cash in on the recent surge by the price of price of gold, which reached a record closing high last Wednesday.