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Precious Metals Suffer as Global Economy Struggles

October 23, 2012 at 20:25 by Vladimir Vyun

Gold dropped today to the lowest level since September on concerns about global economic growth. Other precious metals were also down. Spain remains in recession for the fifth quarter in a row and, on top of that, Moody’s Investors Service downgraded credit ratings of five Spanish regions (even though the rating agency maintained the rating of Spain itself). France’s industrial confidence reached the lowest level in more than three years.

News from the United States was not good either. The Richmond Manufacturing Index fell to -7 this month, even though analysts have hoped it to stay in the positive territory, near the previous month’s figure of 4. Markets were bad for raw materials today and the Standard & Poor’s GSCI Spot Index erased this year’s gains.

Gold dropped from $1,725.58 to $1,706.88 per troy ounce as of 20:15 GMT today on COMEX, touching $1,703.84 intraday — the lowest price since September 7. Silver declined from $32.20 to $31.58 per troy ounce, platinum was down from $1,602.75 to $1,568.25 per ounce and palladium fell from $621.00 to $591.75 per ounce.

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