Prices sank yesterday and new deals received a mixed response as buyers retreated ahead of fresh supply and a weaker government market.

What began as profit-taking on Friday after a week of handy gains, turned into renewed weakness yesterday. Higher precious metal prices sent the Treasury 30-year bond down nearly 1/2 point to yield 6.23% and the March municipal contract fell 11/32 to 102.21 soon after the opening.

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