 A sharp drop in consumer sentiment and falling inflation helped take U.S. gold to its knees on Friday. The yellow metal was hit for its biggest one-day drop since July 1, accounting for nearly all of its 1.8 percent weekly loss.
Other precious metals futures followed gold lower, erasing prior weekly gains. Silver fell 1.6 percent for the week while platinum dipped 1.4 percent and palladium slid 1.8 percent. Sour consumer sentiment, coupled with weaker than expected corporate earnings reports, was also cited for Friday's 61 cent drop in crude oil and sharp declines in U.S. stocks. Earlier gains in the week pared their losses, however. In European stocks, the London FTSE 100 actually managed a 0.5 percent increase for the week — the only major index to register a gain. (...)
Read the rest of Bullion Prices & Business Weekend Recap – July 17, 2010 (1,378 words)
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