Gold futures dip, silver falls below $29

COMEX gold futures, per the February 2012 contract, finished the session with a small loss of $1.20, or 0.1%, at $1,596.70 per ounce.  The yellow metal oscillated between gains and losses throughout the day, trading in a range between $1,585.50 and $1,611.50 per ounce.

Silver posted a more substantial decline than gold, falling $0.80, or 2.7%, to $28.87 per ounce.  Platinum and palladium futures finished in the red as well, by 0.3% at $1,413.60 per ounce and 1.3% at $617.70 per ounce.

The declines in precious metals coincided with a modest loss in the euro currency, which fell 0.3% to 1.3006 against the U.S. dollar this afternoon.

Gold and silver stocks turned lower alongside precious metals and the broader equity markets, as the Philadelphia Gold & Silver Index (XAU) slid 1.4% to 180.75.  Notable decliners included Kinross Gold (KGC) and Pan American Silver (PAAS), which sunk 2.9% and 2.4%, respectively.  The Dow Jones Industrial Averge (DJIA) retreated 0.7% to 11,782.08 , while the S&P 500 Index dropped 1.0% to 1,207.68. – Gold Alert

Posted by Silver Guru on Dec 20 2011. Filed under Silver prices. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry