Gold extended its losses Monday morning, with the spot price tumbling $39.92,
or 2.2%, to $1,787.76 per ounce as of 10:02am ET. Silver dropped alongside the
yellow metal, by $0.75, or 1.1%, to $40.61 per ounce. Precious metals stocks
retreated as well, with the Philadelphia Gold & Silver Index (XAU) down 1.2% to
213.35 in morning trading. The sell-off in precious metals coincided with a
decline in risk aversion and a broad-based rally in the equity markets. The Dow
Jones Industrial Average (DJIA) climbed 176.87 points, or 1.6%, to 11,461.41,
while the CBOE Volatility Index (VIX) fell 7.8% to 32.86.
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