Gold prices retreat to start holiday-shortened week

Commodity markets and other financial markets will be closed on Good Friday this week.

May silver SIK21, -2.33% SI00, -2.33%,  meanwhile, shed 29 cents, or 1.2%, to trade at $24.83 an ounce, after posting 4.6% decline for the week on Friday.

Bullion’s decline on Monday come amid news that a large investment fund, Archegos Capital Management, had dumped $30 billion in holdings, including big positions in ViacomCBS VIAC, -5.91% and Discovery DISCA, -2.82%, making some investors concerned about contagion.

“If the markets to see a contagion effect, gold and silver markets could quickly see bids coming in,” wrote Wyckoff.

Meanwhile, the U.S. dollar was holding steady, up less than 0.1% at 92.79, as measured by the ICE U.S. Dollar Index DXY, +0.08%. A stronger dollar can weigh on dollar-priced assets, making them more expensive for overseas buyers. The 10-year Treasury note TMUBMUSD10Y, 1.674% was yielding 1.65%, retreating by about 2 basis points. Bond prices rise as yields fall.