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Friday, May 6, 2011
Spot Gold Fell More Than $100
Buyers in Asia have taken the opportunity to enter a market that has seen spot gold fell more than $100 off a record high in just four days and spot silver shed 30 percent from a record peak of $49.51 hit on April 28.
Spot silver rose by 2.5 percent to $35.54 an ounce, snapping a five-day losing streak. It is still on track for a 26-percent weekly loss, its biggest since the early 1980s.
COMEX silver fell more than 5 percent to $34.27 in early trade, before regaining some ground to $35.55. It was poised to lose 27 percent over the week in its sharpest fall since March 1980, when an attempt to corner the silver market by the Hunt brothers, two Texas oil tycoons, fell apart.
"Prices have dropped so much over the past few days and bargain hunters are in," said Ong Yi Ling, an analyst at Phillip Futures, adding that the weak outlook for U.S. employment data helped add to the lure of gold.
Spot gold rose by more than 1 percent to $1,489.26 an ounce, headed for a 5-percent drop from a week earlier, its worst week since March 2009. COMEX gold gained 0.5 percent to $1,489.40 an ounce.
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