Prices of gold and silver collapse


The prices for gold and silver fell Friday because of the steep ascent of the dollar in front of main currencies, encouraging a strong liquidation in the metal market, analysts said.

Palladium fell more than 7 %, whereas
platinum lowered 1.5 % in the European market. Copper, aluminum and zinc fell by 6 %.

The gold price (in cash) fell by 4.3
% to $651.00, its lowest in the last three weeks, compared to its previous closing price of $680.30/681.10 per ounce in New York

Gold has fallen 11 percents in one week, after reaching its highest price in the last 26 years last Friday, when speculators placed their money in the auriferous market due to the overall weakness of the dollar and inflationary preoccupations.

The prices for silver also followed the gold example and fell to a minimum within the last three weeks, to $12.11 per ounce, a loss of 3.6 % compared to its previous closing price of $12.58/12.68 at the American market.