Last week's losses of 3.6% in gold were extended Monday morning, with silver also falling again as world stock markets rose yet again. Priced in dollars, gold dropped below $1,230 per ounce for the first time since the first week of July.
Precious metals rallied in London on Tuesday morning as European stock markets also bounced with commodity prices. The U.S. dollar eased back on the currency market, as did major government bond yields.
Spot market gold bullion prices fell to two-week lows Friday, drifting lower toward $1,440 an ounce during this morning's London session before dropping sharply through that level, as stocks gained and most commodities fell as the Dollar strengthened against major currencies.
Gold exchange traded funds saw their twelfth straight week of outflows last week, implying ongoing selling of their shares by investors. The largest gold ETF, SPDR Gold Trust, saw its total gold holdings fall to a 44-month low