Gold is getting smoked

Gold is getting smoked.

On Friday, the price of gold was down more than 1.5%, or nearly $20 an ounce, to as low as $1,176, the lowest price for the precious metal since late March.

Overall, April has been a mixed month for gold, which spent much of the month bouncing around the $1,200 an ounce level. But on Friday, with US stocks drifting higher, the Nasdaq at all-time highs, and the S&P 500 just below a record, markets are taking a little bit more of a "risk-on" position, which is not helping gold.

Here's the quick drop in gold on Friday.

fut_chart (7)

(FinViz)

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