Gold bullion prices fell to $1,741 per ounce Wednesday lunchtime in London - 2.6% down for the week so far - while stocks, commodities and government bonds also sold off as tensions grew between France and Germany.
Metals prices received further lift this morning as turmoil in Europe diverted funds in their direction but the complex was still competing with what is apparently shaping up as a stock market rally of notable proportions on both sides of the Atlantic.
The carnage in certain commodities continued on Tuesday and some of the price-damaging selling sprees extended into this morning as well. A slightly lower dollar and a 3% recovery in crude oil did not lend assistance to the yellow metal this time.
A day of recovery was apparently in the making in the precious metals markets as the complex opened solidly in the "green" against a pullback in the US dollar and rising optimism that Europe would live to see another day
Gold bullion prices rallied to $1,789 per ounce Friday morning in London - down 3.6% from last week's close - following a sharp drop that began the previous day after key central banks announced they will begin US dollar liquidity operations.
Some price weakness continued to remain manifest in gold, and to a lesser extent in other precious metals, as the second trading week of 2011 got underway overnight. The near 4% loss in gold's value last week is also being tied to euro woes.