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Gold and Silver Prices Fall Again

Gold and silver seem unable to find the proper bottom this week, a fact made evident by Friday’s decline in the gold spot price of $24.90 and silver’s $0.37 per ounce drop. As of noon EST on Friday the gold spot price was $1358.90 and the silver spot price was $22.32.

According to Gold Silver analysts the next support levels on the low range are, for gold, $1350 per ounce and for silver the next down-side support mark is $22 per ounce. If there happens to be an upswing in gold and silver values, support can most likely be found at $1385 for gold and at $22.75 for silver.

Today’s drop in gold and silver prices was largely attributed to forthcoming economic data such as the Consumer Sentiment Index, which rose, and the Commerce Department’s report on producer prices, which showed that prices are rising but, according to our government, not because of inflation.

The recent news that India will start limiting the amount of gold that can be imported also shocked the markets, and since this new tariff only applies to gold and not silver, gold prices are down slightly more by percentage than silver prices. By today’s numbers, gold has fallen 1.6 percent in trading today, compared with silver’s decline of 1.3 percent.

Visit the Gold Silver Daily Market Update on Monday to get a feel for what factors will affect gold and silver prices next week.

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