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22Jun/12Off

Gold Poised for Worst Week This Year as Silver Drops to 2012 Low

Gold was set for its worst week this year after the U.S. Federal Reserve didn’t resume a debt purchase program even as the economy showed signs of slowing. Silver fell to the cheapest since December and platinum declined to a two-week low.

Spot gold fell 0.2 percent to $1,562.88 an ounce at 2:03 p.m. in Singapore and is down 4 percent this week, the most since the five days to Dec. 16. Bullion dropped 2.6 percent yesterday, the most since Feb. 29, tumbling with other commodities as the Standard & Poor’s GSCI Spot Index of 24 raw materials slumped 22 percent from this year’s closing high, entering a bear market.

http://www.bloomberg.com/news/2012-06-22/gold-poised-for-worst-week-this-year-as-silver-drops-to-2012-low.html

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