27.10.2014 - Gold loses sheen
After a sharp rise in the beginning of last week, the yellow metal lost momentum and reversed lower. It fell to a low of $1,226 on Thursday before closing at $1,231 on Friday, down 0.6 per cent for the week. The other precious metals Silver and Platinum also closed the week in the red. Silver closed at $17.2 per ounce, down 0.4 per cent and Platinum at $1,250 per ounce, down 0.9 per cent. Existing home sales in US beating market expectation was the initial trigger that caused a reversal in gold prices. This number increased 2.4 per cent to 5.17 million units in September from 5.05 million in August. Market was expecting a 1 per cent rise in the existing home sales...............................................Full Article: Source
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