The dollar turned lower after the Conference Board reported that consumer confidence slumped to 95.2 in April, well below a forecast of 102.5 and down significantly from 101.4 in March.

Last Friday gold sank to five-week lows of $1175. Smelling a bargain, investors and traders stepped in today and began snapping up the yellow precious metal. They sent it up almost 2%.

The regular trading sell off in gold continued today, knocking it down more than $15 an ounce in late afternoon action. Gold was off its lows for the day, however.