Thursday, November 1, 2007
Gold, silver drop on interest rate speculation
Story link: Gold, silver drop on interest rate speculation
by Elaine Frei
by Elaine Frei
Precious metals prices were mixed in New York on Thursday.
December gold dropped $1.60 to $793.70 per troy ounce as oil prices dropped and on suspicions that the Federal Reserve won’t cut US interest rates again this year.
Silver for December delivery was also lower, falling 11 cents to $14.33 per troy ounce.
Silver, which has more industrial applications than does gold, followed base metals prices lower on the session.
On the other hand, January platinum added $3.20 to $1,450.80 per troy ounce while December palladium gained $1.65 to $375.90 per troy ounce.
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