Friday’s AM fix was USD 1,696.50, EUR 1,297.32 and GBP 1,051.38 per ounce.
Last week, gold fell 1% and silver by 3% as the recent precious metals downtrend continued.
Gold fell in Asia overnight and weakness continued in Europe leading to a third day of losses.
Continuing strong investment and store of wealth demand is being trumped by the short term antics of speculative players and momentum traders - for now.
Robust investment demand is seen in new record gold holdings in exchange-traded products.
Gold is down 1.5% in December, poised for a third monthly loss. It dropped 10% in December 2011 prior to gains in January 2012.
Gold bullion increased 8.1% this year in dollar terms and by similar amounts in other currencies as central banks from the U.S. to China and Europe took action to prop up economies, debasing currencies and increasing haven demand.
Gold slid to a one month low of $1,684.77 an ounce on December 7th and support is seen at that level with physical buying seen on dips below $1,700/oz.
Super-Competitive Global Silver Sale
Silver Bars 1,000 oz @ 1.2%
Silver Coins 1 oz @ 12%
Available Until 21/12/12
Silver is trading at $32.23/oz, €24.60/oz and £19.97/oz.
PLATINUM GROUP METALS
Platinum is trading at $1,609.50/oz, palladium at $694/oz and rhodium at $1,060/oz.