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Gold and Silver Prices Fall as U.S. Dollar Surges

The gold and silver markets took a hit on Friday morning as the U.S. dollar grew stronger against gold and other global currencies. Gold fell all the way to $1418 per ounce before gaining slightly and settling at $1426, a $32.50 per ounce loss for the trading session. Silver did not fare much better, posting a loss of $0.38 to finish at $23.49, a decline on the day of 1.52 percent compared to the gold market’s loss of 2.24 percent.

Gold and silver bullion prices fell in line with gold and silver spot prices, the sole exception being the American Eagle silver bullion coins, whose premium has grown ever since the U.S. Mint announced an expected shortage of silver for the foreseeable future. Rare gold and silver coins fell slightly, with gold coins dropping more than silver products such as Morgan and Peace dollars, also attributed to the current shortage of physical silver investments in the United States.

The consensus among analysts was that a more powerful U.S. currency hindered gold and silver prices to the tune of $12.50 per ounce for gold and $0.18 per ounce for silver. The remainder of today’s losses were blamed on selling by both institutional and household investors.

“The trend throughout most of this year has been for large institutions to sell while smaller banks and individuals held and waited for the storm to pass,” said Gene Stewart, vice president of market analysis for Gold Silver. “Today the smaller guys did sell as well as the large firms, but this was not indicative of a new trend, because most household investors are still more concerned with safety than profit,” he added.

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