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Gold drops second day
Gold prices dropped Friday for the second day, shedding $30.50 to settle at $1,578.90 an ounce on the Comex division of the New York Mercantile Exchange.
Gold couldn’t fend off pressure from the broader market decline because of a weak jobs report and the rising dollar, Rohit Savant, an analyst with CPM Group in New York, told MarketWatch.com.
“We are seeing weaker and negative sentiment following the jobs report,” Savant said.
Silver prices also fell, losing 75 cents to close at $26.92 an ounce
The euro was $1.2218 Friday from $1.239 Thursday. Against the yen, the dollar fell to 79.62 yen from 79.92 yen.
The British pound was $1.5483 from $1.5529 Thursday. The dollar was 1.0184 from 1.0143 Canadian dollars Thursday.
Copyright 2012 by United Press International