NEW YORK (TheStreet) -- Gold prices eased off record highs as the U.S. dollar staged a mini rally.
Gold delivery for December was slipping $5 to $1,134.20 an ounce at the Comex division of the New York Mercantile Exchange. Gold prices traded as high as $1,141.30 and as low as $1,127.80.
Silver prices were falling 12 cents to $18.28 while copper was relatively unchanged at $3.10.
Gold prices reached all new highs Monday topping $1,143 an ounce and closed above the critical support level of $1,130. The U.S. dollar index sank to a 15- month low Monday after Ben Bernanke pledged to keep interest rates low for an extended period of time. Currently the dollar index was rallying .59% to $75.34 putting pressure on the precious metal.
"I've been expecting a gold correction", says JC Doody, editor of goldstockanalyst.com. Maybe this morning's fallback, $8, is a correction that is going lead to a 4-5% drop which would take us down 40-50 points back down below $1,110.... We would see that as an opportunity to buy more on a short term pullback."
Mining stocks, which have had big moves in the last two weeks as investors looked to invest in gold, were also pulling back. Barrick Gold(ABX Quote) and Newmont Mining(NEM Quote) were down 1% to $43.41 and $51.85 respectively. Freeport McMoran Copper & Gold(FCX Quote) was flat at $84.08.
Shares of SPDR Gold Shares(GLD Quote) were trading at $111.06. Trading volume was 24 million on Monday as gold prices hit new highs but the ETF's tonnage was unchanged.
Market Vector Gold Miners(GDX Quote), a basket of large cap mining stocks, was falling 1.34% to $50.68 while market Vectors Juniors(GDXJ Quote) was down almost 1% to $26.29.
