{"id":26716,"date":"2012-05-09T12:26:00","date_gmt":"2012-05-09T12:26:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-touch-1585-an-ounce-level-silver-prices-extend-losses\/26704\/"},"modified":"2012-05-09T12:26:00","modified_gmt":"2012-05-09T12:26:00","slug":"gold-prices-touch-1585-an-ounce-level-silver-prices-extend-losses","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/gold-prices-touch-1585-an-ounce-level-silver-prices-extend-losses\/26716\/","title":{"rendered":"Gold Prices Touch $1585 an Ounce Level; Silver Prices Extend Losses"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p><!--Ad Injection mfunc mode ad include code--><!--mfunc include_once('\/mnt\/Target01\/327806\/www.thestockmarketwatch.com\/web\/content\/stock-market-news\/wp-content\/plugins\/ad-injection\/adshow.php') --><!--\/mfunc--><\/p>\n<p><a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Gold prices<\/a> continued to slide on Wednesday, touching its four month low and on a verge to pare all its gains in 2012 as political gridlock in Greece amid strong dissent over austerity measures shook off investors\u2019 confidence, while structural weakness in Spanish banking system hit the euro, knocking it down to its 15 week low against the greenback, weighing on the metal. Meanwhile, <a href=\"https:\/\/thestockmarketwatch.com\/metal\/silver-price.aspx\">silver prices<\/a> have also extended their losses.<\/p>\n<p><span id=\"more-26716\"><\/span><\/p>\n<p>With <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold<\/a> losing its sheen and euro tumbling, nervous investors are seeking safer assets like dollar, German Bunds, U.S. treasuries.<\/p>\n<p><!--Ad Injection mfunc mode ad code--><!--mfunc adshow_display_ad_file_v2(array('ad_random_1.txt'), array(100), array('align' => 'float right', 'clear' => '', 'margin_top' => '', 'margin_bottom' => '', 'padding_top' => '', 'padding_bottom' => ''), array(), array()) --><\/p>\n<div style=\"float:right;margin-left:5px;\"><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - in News 300 *\/\ngoogle_ad_slot = \"5684630733\";\ngoogle_ad_width = 300;\ngoogle_ad_height = 250;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/div>\n<p><!--\/mfunc--><\/p>\n<p>At last check, U.S. <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">spot gold<\/a> was losing 1.2 percent on the day at $1,585.81 an ounce, having shed more than 3 percent so far this week in its largest weekly plunge since mid-March.<\/p>\n<p><a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Gold<\/a>\u2019s gains have already shrunk to 1.4% year-to date from its peak in February when metal\u2019s prices soared 14%.<\/p>\n<p>Commenting over <a href=\"https:\/\/stockmarketwatch.com\/metal\/gold-price.aspx\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">gold<\/a>\u2019s price range over short term, David Govett, head of precious metals at Marex-Spectron, said to Reuters-CNBC, \u201cGold seems to be pegged to the euro and this is not going to rally in a hurry either. So all in all, I expect the market to trend lower and would look for a trading range for the next month of $1,525-$1,650.\u201d<\/p>\n<p>\u201cLong term, events will catch up with other markets and the dollar will lose its temporary safe haven status, and at that point gold will start to shine again. But for now, it is in the doldrums and looks set to stay there for a while to come,\u201d added Govett.<\/p>\n<p>In some other precious metal markets, Palladium edged lower 0.9 percent on the day at $609.22 an ounce. Platinum\u00a0also lost 1.0 percent at $1,488.24 an ounce<\/p>\n<p>Meanwhile, <a href=\"https:\/\/thestockmarketwatch.com\/metal\/silver-price.aspx\">silver<\/a> hit its lowest level since the start of the year.\u00a0<a href=\"https:\/\/thestockmarketwatch.com\/metal\/silver-price.aspx\">Spot silver<\/a>\u00a0slid 1.8 percent on the day at $28.89 an ounce and was heading towards for a weekly decline of 4.3 percent- the biggest one month fall.<\/p>\n<p>The iShares <a href=\"https:\/\/thestockmarketwatch.com\/metal\/silver-price.aspx\">Silver<\/a> Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=SLV\">NYSE: SLV<\/a>) is currently trading 1.26% lower at $28.31, the ProShares Ultra <a href=\"https:\/\/stockmarketwatch.com\/metal\/silver-price.aspx\" data-internallinksmanager029f6b8e52c=\"5\" title=\"silver price today\">Silver<\/a> (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=AGQ\">NYSE: AGQ<\/a>) is currently trading 2.42% lower at $43.98, and the ProShares UltraShort Silver (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/markets\/nyse\/today.aspx\">NYSE<\/a>: ZSL) is currently trading 2.01% higher at $12.67.<\/p>\n<p>.<\/p>\n<p>More Posts by this author<\/p>\n<ul>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-prices-hit-four-month-low-silver-prices-down-more-than-1\/26891\"><br \/>\nGold Prices Hit Four Month Low; Silver Prices Down More than 1%<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/polycom-plcm-to-divest-its-enterprise-wireless-voice-solutions-business\/26872\"><br \/>\nPolycom &#8211; PLCM &#8211; To Divest Its Enterprise Wireless Voice Solutions Business<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/u-s-stocks-edge-higher-after-strong-economic-data\/26889\"><br \/>\nU.S. Stocks Edge Higher After Strong Economic Data<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/cigna-corporation-ci-to-acquire-great-american-supplemental-benefits-group\/26873\"><br \/>\nCigna Corporation &#8211; CI &#8211;  To acquire Great American\u00ae Supplemental Benefits Group<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/breitburn-energy-partners-bbep-pleased-to-announce-two-attractive-acquisitions\/26874\"><br \/>\nBreitBurn Energy Partners &#8211; BBEP &#8211; Pleased to announce two attractive acquisitions<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gilead-sciences-gild-fda-advisory-committee-supports-approval-of-gileads-truvada\/26875\"><br \/>\nGilead Sciences &#8211; GILD &#8211; FDA Advisory Committee Supports Approval of Gilead\u2019s Truvada\u00ae<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/hot-stocks-to-watch\/fx-energy-fxen-pleased-with-the-first-quarter-results-and-are-even-more-enthused-for-the-second-quarter\/26876\"><br \/>\nFX Energy &#8211; FXEN &#8211; Pleased with the first quarter results, and are even more enthused for the second quarter<\/a><\/li>\n<\/ul>\n<hr>\n<table style=\"border:none;margin:0;\">\n<tr>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/2024\/08\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n<div style=\"font-size:10pt;\">\n<p>Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/p><\/div>\n<\/td>\n<\/tr>\n<\/table>\n<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices continued to slide on Wednesday, touching its four month low and on a verge to pare all its 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