8th December 2011
A move to dispel any action by the European Central Bank (ECB) in delivering a €200 million (£170.5 million) bailout package for beleaguered European states has resulted in a downturn for both gold and silver.
Commodities trading on the safe haven stocks showed a fall for gold from $1,300 per troy ounce to $1,288, while silver slipped by $1 to $33 per ounce, specialist news provider Bullion Vault reported.
It comes at a time when the ECB is coming under pressure to take action on the state of many European economies, but president of the ECB Mario Draghi stated no action is presently planned.
"Volume is disappearing from the precious metals market ahead of [Friday's political] European summit," an unnamed Hong Kong bullion dealer told the news provider.
This latest development follows a surge for gold in trading last week after the publication of strong US jobs data helped stabilise the commodity.
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