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Gold Ends Week 2.1% Lower, Silver Drops 3.7% as Stocks Fall on Goldman Sachs' Charges, Weak Earnings

From Chris Mullen at

Gold Prices saw modest losses in Asia and London on Friday before dropping throughout New York trade to end near its noontime low of $1129.85 with a loss of 2.1%, both on the day and the week.

Euro Gold Prices fell to €842 an ounce, also 2.1% down from the previous Friday's finish.

Silver Prices sank as low as $17.61 by early afternoon in New York and ended with a loss of 4.1% for the session, down 3.7% for the week.

Platinum lost $33 to $1684.50, and copper fell nearly 9 cents to about $3.51.

Gold Mining and silver equities fell about 4% by early afternoon before they rallied back higher in the last few hours of trade, but they still ended with over 2% losses.

Oil fell along with the Dow, Nasdaq, and S&P as the US Dollar index and Treasuries rose on worries over Goldman Sach's fraud charge, poor US earnings reports, and increased concerns over Greece that sent the Euro lower.

New data showed a marked drop in Consumer Sentiment, despite a rise in housing starts and new permits.

Next week's US economic highlights include Leading Indicators on Monday, Initial Jobless Claims, PPI, Existing Home Sales, and the FHFA Home Price Index on Thursday, and Durable Orders and New Home Sales on Friday.

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Chris Mullen is chief content manager of the GoldSeek family of websites, a leading source of gold news, comment and mining-stock data for private and institutional investors.

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