12
May
Gold, Silver Advance as Europe Debt Crisis, Inflation Woes Spur Buying
12 May 2011 Bloomberg.com
Gold and silver dropped, erasing earlier gains, as the dollar advanced against major currencies, reducing demand for precious metals as an alternative investment.
Immediate-delivery gold fell as much as 0.7 percent to $1,491.30 an ounce, reversing a 0.4 percent advance earlier, and traded at $1,491.30 an ounce at 2:49 p.m. in Singapore. Silver futures slumped as much as 5.2 percent to $33.655 an ounce, extending yesterday’s 7.7 percent plunge.
