{"id":47828,"date":"2013-10-11T08:18:00","date_gmt":"2013-10-11T08:18:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-heading-towards-clocking-weekly-decline-silver-prices-plunge-more-than-1-50\/47823\/"},"modified":"2013-10-11T08:18:00","modified_gmt":"2013-10-11T08:18:00","slug":"gold-prices-heading-towards-clocking-weekly-decline-silver-prices-plunge-more-than-1-50","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/gold-prices-heading-towards-clocking-weekly-decline-silver-prices-plunge-more-than-1-50\/47828\/","title":{"rendered":"Gold Prices Heading towards Clocking Weekly Decline, Silver Prices Plunge more than 1.50%"},"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><a href=\"https:\/\/stockmarketwatch.com\/metal\/gold-price.aspx\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">Gold prices<\/a> continued to head southwards and were on course to post a weekly decline as investors remained reluctant to take safe-haven bets amid growing expectation that lawmakers will reach a stop-gap budget deal, probably by Friday, which will avert a debt-default. <a href=\"https:\/\/thestockmarketwatch.com\/metal\/silver-price.aspx\">Silver prices<\/a> also fell sharply in early trading on Friday.<\/p>\n<p><span id=\"more-47828\"><\/span><\/p>\n<p>At last check, gold futures for December delivery fell 0.96% to $1,284.50 an ounce while spot gold was almost flat at $1.285.70 an ounce.<\/p>\n<p>The SPDR Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=GLD\" target=\"_blank\" rel=\"noopener\">NYSE: GLD<\/a>) slipped 0.14% in <a href=\"https:\/\/stockmarketwatch.com\/markets\/pre-market\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Premarket Movers\">premarket<\/a> trading to $124.10.<\/p>\n<p><a href=\"https:\/\/stockmarketwatch.com\/metal\/silver-price.aspx\" data-internallinksmanager029f6b8e52c=\"5\" title=\"silver price today\">Silver<\/a> futures plunged 1.72% to $21.52 an ounce.<\/p>\n<p>Gold prices, which hovered in a tight range of $1,300-$1330 an ounce for most part of the week, fell below $1,300 an ounce level after news emerged on Thursday that GOP leaders headed by House Speaker John Boehner will meet President Obama to negotiate over budget issues. It is believed that congressional leaders will agree to raise the Treasury\u2019s short-term borrowing limit.<\/p>\n<p>Several other factors have also heavily weighed on gold prices. While lackluster physical side demand for the metal has put pressure on prices, strengthening U.S. dollar is also keeping bullion investors in sidelines.<\/p>\n<p>The dollar has been supported by growing speculation that the <a href=\"http:\/\/www.knowfinance.com\/federal-reserve-system-fed\/\" target=\"_blank\" rel=\"noopener\">Federal Reserve<\/a> might soon start to taper its bond purchase program. Besides, some sort of reconciliation shown by lawmakers has also lent support to the dollar.<\/p>\n<p>Dwindling holdings at top gold-backed exchange traded funds have also added pressure.<\/p>\n<p>A data provided by Reuters showed that holdings of the SPDR Gold Trust, the world\u2019s leading gold backed ETF, fell 0.2% or 1.80 tons to 896.38 tons on Thursday. The fund\u2019s holdings are now at four-year low level.<\/p>\n<div class=\"nr_popular_placeholder\" data-permalink=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-heading-towards-clocking-weekly-decline-silver-prices-plunge-more-than-1-50\/47828\" data-title=\"Gold Prices Heading towards Clocking Weekly Decline, Silver Prices Plunge more than 1.50%\"><\/div>\n<p><script id=\"mNCC\" language=\"javascript\">  medianet_width='600';  medianet_height= '250';  medianet_crid='814932888';  <\/script>  <script id=\"mNSC\" src=\"https:\/\/web.archive.org\/web\/20131014033741js_\/http:\/\/contextual.media.net\/nmedianet.js?cid=8CUT71M67\" language=\"javascript\"><\/script> <\/p>\n<p><!-- AddThis Button BEGIN --><\/p>\n<div class=\"addthis_toolbox addthis_default_style addthis_32x32_style\">\n<a class=\"addthis_button_preferred_1\"><\/a><br \/>\n<a class=\"addthis_button_preferred_2\"><\/a><br \/>\n<a class=\"addthis_button_preferred_3\"><\/a><br \/>\n<a class=\"addthis_button_preferred_4\"><\/a><br \/>\n<a class=\"addthis_button_compact\"><\/a><br \/>\n<a class=\"addthis_counter addthis_bubble_style\"><\/a>\n<\/div>\n<p><script type=\"text\/javascript\">var addthis_config = {\"data_track_addressbar\":true};<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/s7.addthis.com\/js\/250\/addthis_widget.js#pubid=pennystocksfinder\"><\/script><br \/>\n<!-- AddThis Button END --><\/p>\n<p>More Posts by this author<\/p>\n<ul>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/blackstone-kkr-among-many-firms-bidding-for-a-minority-stake-in-versace-reuters\/47854\"><br \/>\nBlackstone, KKR among Many Firms Bidding for a Minority Stake in Versace: Reuters<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wells-fargo-q3-profit-up-13-as-provisions-for-bad-loans-fall-sharply\/47851\"><br \/>\nWells Fargo Q3 Profit up 13% as Provisions for Bad Loans Fall Sharply<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-end-higher-for-a-second-straight-trading-session\/47846\"><br \/>\nStocks End Higher for a Second Straight Trading Session<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-post-3-4-weekly-loss-as-lawmakers-nears-debt-deal-silver-prices-tumble\/47842\"><br \/>\nGold Prices Post 3.4% Weekly Loss as Lawmakers Nears Debt-Deal; Silver Prices Tumble<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-bounce-back-after-a-shaky-start-2\/47840\"><br \/>\nStocks Bounce Back after a Shaky Start<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-mainly-flat-in-early-trade\/47837\"><br \/>\nStocks Mainly Flat in Early Trade<\/a><\/li>\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/forex-market-update-dollar-index-slips\/47835\"><br \/>\nForex Market Update: Dollar Index Slips<\/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:\/\/web.archive.org\/web\/20131014033741im_\/http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/userphoto\/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>\n<script type=\"text\/javascript\"\nsrc=\"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 head southwards and were on course to post a weekly decline as investors remained reluctant to [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50312,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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