From Chris Mullen at GoldSeek.com...
Gold Prices closed last week 1.3% lower after reaching a four-week high of $946.60 in early London trade on Friday and then dropping $32 by lunchtime in New York in a sharp sell-off.
Oil fell in early trade on dollar strength, but it then rose to a new record high over $116 on news that rebels sabotaged a Shell pipeline in Nigeria and an earthquake in the Midwest US may have impacted refinery operations.
The US Dollar index rose and Treasury bonds fell as the Dow, Nasdaq, and S&P soared higher on news that Citigroup’s over $5 billion loss was bad, but not as horrible as feared.
Alongside gold, silver also fell sharply, dropping 2.52% for the day but gaining 0.7% for the week.
The Gold Price in Euros fell to about €579, platinum lost $7.50 to $2041, and copper dropped a couple of cents to about $3.92.
Gold and silver equities fell about 4% by an hour into trade, but they then rallied back a bit in the rest of trade and ended with less than 3% losses.
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