{"id":26854,"date":"2012-05-11T08:30:00","date_gmt":"2012-05-11T08:30:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-and-silver-prices-slip-2\/26840\/"},"modified":"2012-05-11T08:30:00","modified_gmt":"2012-05-11T08:30:00","slug":"gold-and-silver-prices-slip-2","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/gold-and-silver-prices-slip-2\/26854\/","title":{"rendered":"Gold and Silver Prices Slip"},"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> slipped sharply on Friday, on course to touch its worst weekly plunge since March as concerns over euro-zone resurfaced yet again after relative calmness yesterday weighing on euro, equities and threatening monetary union\u2019s financial stability. <a href=\"https:\/\/thestockmarketwatch.com\/metal\/silver-price.aspx\">Silver prices<\/a> have also edged lower in trading today.<\/p>\n<p><span id=\"more-26854\"><\/span><\/p>\n<p>At last check, <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Spot gold<\/a>\u00a0lost $6.72 an ounce to $1,587.01 by 0257 GMT after shares. <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Spot gold<\/a> slid $8.20 to $1,587.30 an ounce, having momentarily climbed above $1,600 an ounce level on Thursday.<\/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>Commenting over <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold<\/a>\u2019s sudden U-turn on Friday, Lynette Tan, an analyst with Phillip <a href=\"https:\/\/thestockmarketwatch.com\/markets\/commodities\/today.aspx\">Futures<\/a> in Singapore, said to CNBC-Reuters, \u201cWe are still uncertain about what&#8217;s happening out of the euro zone. For now, I think <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold<\/a> will trade largely like a risk asset and probably tracking equities as well. Support level is about $1,500.\u201d<\/p>\n<p>&#8220;The increase we saw yesterday was a bit of bargain hunting from a three-day of losing streak,\u201d added Tan.<\/p>\n<p><a href=\"https:\/\/stockmarketwatch.com\/metal\/gold-price.aspx\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">Gold<\/a>- traditionally considered as safe haven asset-has bear the brunt of large sell-offs in equities, oil, precious metal\u00a0 and currencies markets as investors were prompted to sell\u00a0 bullion to cover losses from other markets.<\/p>\n<p>Even though it looked like euro-zone crisis will be abated following the announcement of fresh bailout package for Greece on Thursday, along with some consensus developing among political parties in Greece to form a coalition government, market sentiment received another jolt when EU\u2019s paymaster, Germany made it clear that Greece will have to strictly adhere to international bailout measures.<\/p>\n<p>The statement is interpreted by many as a firm warning to Greece, failing of which might result in ouster of Greece from the union.<\/p>\n<p>Reflecting over the crisis in euro-zone, one Hong Kong based dealer said to Reuters, \u201cThere&#8217;s a small amount of selling of gold after we failed to stay above $1,600 last night. Gold is heading south for the time being. The economy in the euro zone is very bad, and people are rushing to buy the U.S. dollar.\u201d<\/p>\n<p>\u201cLet&#8217;s see if gold eventually breaks $1,580\u201d, he added.<\/p>\n<p>Meanwhile, <a href=\"https:\/\/thestockmarketwatch.com\/metal\/silver-price.aspx\">silver<\/a> lost 1.84% from its previous close, trading at $28.64 an ounce.<\/p>\n<p>In <a href=\"https:\/\/stockmarketwatch.com\/markets\/pre-market\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Premarket Movers\">pre-market trading<\/a> in New York, 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 down 1.27% to $27.89, 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 down 2.41% to $42.55, and the ProShares UltraShort Silver (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/markets\/nyse\/today.aspx\">NYSE<\/a>: ZSL) is up 2.85% to $65.67.<\/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\/jp-morgan-shares-tumble-on-trading-losses-bank-downgraded-a-notch-by-fitch-jpm\/26955\"><br \/>\nJP Morgan Shares Tumble on Trading Losses, Bank Downgraded a Notch By Fitch  (JPM)<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-prices-end-lower-euro-concerns-weigh\/26954\"><br \/>\nGold Prices End Lower, Euro Concerns Weigh<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-end-on-a-mixed-note-dow-jones-posts-worst-weekly-performance-for-2012\/26951\"><br \/>\nStocks End on a Mixed Note; Dow Jones Posts Worst Weekly Performance for 2012<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-headed-for-a-mixed-finish-13\/26914\"><br \/>\nStocks Headed for a Mixed Finish<\/a><\/li>\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<\/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 slipped sharply on Friday, on course to touch its worst weekly plunge since March as concerns over euro-zone 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