Wholesale market gold prices touched their lowest level since the first week of January Friday, hitting $1,574 an ounce before recovering some ground, while stocks and commodities fell and US Treasury bonds gained.
Gold is some 1% higher on the week in USD and EUR and the higher weekly close would aid the poor short term technical picture. Gold consolidated on the gains seen yesterday as the downgrading of Spain's credit rating added fuel.
Little in the way of real change was noted this morning as the final session of the week got underway in New York. Spot gold hovered around $1,645 while spot silver appeared stuck around the $31.75 area.
Prices to buy gold touched a two-week high at $1,625 per ounce in London's wholesale market early Thursday, before pulling back to $1,609 as commodities and world stock markets fell, led by Eurozone banking shares.
The worldwide hunt for new sources of critical metals has some miners hitting the beach, tapping sand and river placer deposits in search of naturally processed minerals, according to the scientist and rare earth expert.
Gold bullion prices fell 1.4% in less than half an hour to $1,638 per ounce Tuesday lunchtime in London - while stock markets also fell sharply - after investment bank Goldman Sachs announced a third quarter net loss of $393 million.
More bad news about the American economy and a Wall Street warning about looming drops in oil, metals and other commodities sparked an 814-point drop on the Toronto stock market Thursday and a plunge in the loonie to its lowest level in nearly a year and a half.