Gold Price Corrects, Outlook Still Bright
GOLD PRICE NEWS – The gold price opened the new quarter on a negative note, sliding $13.77, or 0.9%, to $1,486.33 per ounce amid widespread selling in precious metals. The price of gold briefly fell below $1,480, but pared its losses into the close of trading. Silver tumbled alongside the gold price, dropping $0.92, or 2.7%, to $33.80 per ounce. For the week, the price of gold and silver declined 1.1% and 1.5%, respectively.
Gold and silver shares moved lower in concert with precious metals as the Philadelphia Gold & Silver Index (XAU) declined 0.8% to 199.45. Notable decliners included Goldcorp (GG) and Harmony Gold (HMY), which fell 1.9% and 3.1%, respectively. Despite Friday’s losses, the XAU managed to outperform the price of gold and silver, closing up 3.9% on the week.
Although the gold price has now dropped in three of the past four weeks, it remains higher by 4.6% year-to-date and within 6% of its $1,577.40 all-time high. One of the staunchest bulls on the gold price in recent years has been Peter Schiff, President of Euro Pacific Capital. In an interview with King World News, Schiff provided his latest thoughts on the price of gold, silver, the U.S. dollar, and the European sovereign debt crisis.
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