From Chris Mullen at GoldSeek.com...

Gold Prices rose to find about $5 gains early Thursday but then fell  steadily throughout London and New York trade to drop as low as $782.35 per ounce by early afternoon.

The Gold Market then bounced a little but ended with a notable loss of 3.29%.

Silver followed a similar pattern and plunged to as low as $14.30 before it also rebounded slightly in the last hour of trade, but it still ended with a loss of 3.80%.

Gold Priced in Euros fell to about €538 per ounce, platinum lost $12 to $1428, palladium gained $1 to $370, and copper fell nearly 20 cents to about $3.11 as mines came back online after yesterday’s brief interruption due to an earthquake in Northern Chile.

Gold and silver mining equities steadily fell throughout most of trade and ended with over 4% losses.

The Dow, Nasdaq, and S&P fell about 1% by the close on worries over poor consumer spending during the upcoming holiday season as high energy prices and a tight credit market finally appear to be taking their toll on the American public.

Crude oil fell more than $2 at one point as inventory reports came in better than expected, but it did come back by the close and end less than a Dollar lower as concerns over heating oil were raised heading into winter.

Draw-downs were expected across the board, but crude inventories surprisingly built 2.8 million barrels, gasoline inventories built 700,000 barrels, distillates fell 2 million barrels, natural gas stocks fell 9 billion cubic feet, and refinery utilization rose 1.5% to 87.7%.

The US Dollar index climbed back above 76.0 by the close while Treasuries rose as risk aversion and carry-trade unwinding prompted investors to ditch higher yielding currencies and assets for the perceived safety of lower yielding US bonds.

On the economic front, Oct.'s US inflation data showed consumer prices rising 0.3% from Sept., but only 0.2% if "volatile" food and energy are ignored. Friday at 09:00 EST brings Net Foreign Purchases of US assets for Sept., expected at $66.0 billion, followed by Industrial Production for Oct., expected to show a 0.1% increase.

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