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Gold & Silver Remain Weak amid Fears of Recession

December 5, 2012 at 19:07 by Vladimir Vyun

Gold and silver remained weak today amid fears of the fiscal cliff in the United States that may lead to recession. The fundamental reports added to worries. The ADP employment report showed growth by 118,000 jobs in November, which was smaller than the predicted 129,000.

News from Europe was not particularly good either. Eurozone retail sales fell 1.2 percent in the eurozone in October from September. Spain missed target at its debt auction today.

Gold and silver reacted negatively to the news, falling for the third consecutive session. Gold dropped $1,701.73 to $1,692.09 per troy ounce as of 18:54 GMT on COMEX today, while its intraday low of $1,684.68 was the lowest since November 6. Silver was down from $33.04 to $32.78 per ounce.

If you have any questions and comments on the commodities today, use the form below to reply.

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