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Gold Prices Settle Lower; Silver Prices Tumble

Thursday, February 7, 2013 4:52 PM
Gold prices edged lower in trading on Thursday as the U.S. dollar strengthened. Silver prices, meanwhile, fell sharply on Thursday. The dollar strengthened against the euro after comments from European Central Bank (ECB) President Mario Draghi on the state of the euro zone economy. Draghi’s comments also suggested that the ECB was concerned about the recent strengthening of the euro. Speaking to Reuters, Robin Bhar, analyst at Socgen, said that gold showed resilience even as the dollar strengthened after the ECB comments. Bhar said that there is some minor risk aversion washing through the market. At last check on Thursday, spot gold was trading 0.32% lower at $1,671.80 an ounce. Earlier in the day, spot gold fell to $1,662.80 an ounce. Gold futures for delivery in April on the Comex division of the New York Mercantile Exchange settled $7.50 lower at $1,671.30 an ounce. Silver prices tumbled on Thursday, with spot silver falling more than 1% to trade near $31.50 an ounce. In late trading on Thursday, the iShares Silver Trust (ETF) (NYSE: SLV) was down 1.20% to $30.44, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was down 2.21% to $46.95, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was up 2.27% to $45.52. Platinum and palladium also edged lower on Thursday. At last check, spot platinum was down at around $1,735 an ounce, while spot palladium was down 0.4% to below $762 an ounce.
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