Gold and silver were lower Monday morning following report of slowing U.S. consumer spending, eurozone news and concerns regarding China’s economy.

Spot gold was down 0.4%, bid at $1,656.20 per ounce. It traded as high as $1,661.20 and as low as $1,643.90 per ounce, according to Kitco market data. The London afternoon reference price was set at $1,651.25, $12.25 per ounce lower than Friday’s afternoon reference price.

Spot silver was showing a 1.73% loss, bid at $30.73 per ounce. The morning high as of time of writing was $31.18 and the low was $30.50. Monday’s reference price was set at $31.20 in the London a.m., 6 cents per ounce above Friday’s price fix.

Net long gold futures and positions on the Comex fell to their lowest level in more than three years the week ended April 24, according to CFTC data, Dublin’s GoldCore reported. Money managers reduced their net long position in Comex gold futures and options 4%. Net long silver positions on Comex futures and options were cut 20%.

The Commerce Department reported that U.S. consumer spending increased 0.3% in March following a 0.9% February gain — another sign that the economy lost pace toward the end of Q1. Personal income rose 0.4% in March following February’s 0.3% increase. March after-tax income adjusted for inflation rose 0.2% following two prior monthly declines.

The possible election of the French socialist party’s Francois Hollande in a second round of voting has hedge fund managers getting more bearish on eurozone bonds. High-profile hedge fund managers including John Paulson are positioning themselves for a significant worsening of eurozone nations’ creditworthiness, according to a CNBC report.

Aiming to counter increasingly strident calls for eurozone leaders to shift policy and actions more toward stimulating economic and jobs growth as opposed to austerity measures, the European Commission is preparing a “kind of Marshall Plan” — a 200 billion euro ($264 billion) public and private infrastructure, renewable energy and high-tech fund.

In U.S. stock exchange trading, gold and silver trusts were headed lower.

• The SPDR Gold Trust (NYSE:GLD) was down around 0.33%.
• The iShares Gold Trust (NYSE:IAU) was down around 0.37%.
• The iShares Silver Trust (NYSE:SLV) was down around 1.8%.

Gold and silver mining ETFs were negative as well.

• The Market Vectors Gold Miners ETF (NYSE:GDX) was showing losses of some 1.9%.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) was down around 0.3%.
• The Global X Silver Miners ETF (NYSE:SIL) was around 1.1% lower.

Gold mining shares were sharply lower on the whole.

• Agnico-Eagle Mines (NYSE:AEM) was down around 0.2%.
• Barrick Gold (NYSE:ABX) was down around 1.4%.
• Eldorado Gold (NYSE:EGO) was down some 1.45%.
• Goldcorp (NYSE:GG) was down more than 2.4%.
• Kinross Gold (NYSE:KGC) was around 1% lower.
• Newmont Mining (NYSE:NEM) was down around 1.3%.
• NovaGold Resources (AMEX:NG) was down around 2%.
• Yamana Gold (NYSE:AUY) was up around 1.35%.

Silver mining shares also were down beginning a week chock full of earnings and data reports.

• Coeur d’Alene Mines (NYSE:CDE) was some 2.4% lower.
• Hecla Mining (NYSE:HL) was around 1.2% lower.
• Pan American Silver (NASDAQ:PAAS) was showing losses of around 0.5%.
• Silver Wheaton (NYSE:SLW) was down some 1.5%.
• Silver Standard Resources (NASDAQ:SSRI) was moving around the unchanged level.

As of this writing, Andrew Burger did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.