Gold for June delivery ended down $12.50 to $1,176.10 an ounce at the Comex division of the New York Mercantile Exchange. The gold price Friday has traded as high as $1,187.60 and as low as $1,166. The U.S. dollar index was slipping 0.76% to $85.36 while the euro rallied 0.91% to $1.25 against the dollar. The spot gold price Friday was down over $5, according to Kitco's gold index, as bargain hunters tentatively bought the physical metal.
Gold prices have lost 4.5% or $56 this week as global turmoil forced investors to sell gold, one of the only assets to return a recent profit, in order to raise money. The futures market ended down double digits versus the phsyical spot price as traders were forced to sell some gold positions ahead of Tuesday's options expirations and to cover equity losses.
Germany has approved the $1 trillion bailout package for European Union nations, but the news did little to calm investor jitters. Worries that inflation and budget cuts across Europe would crimp any kind of growth were stifling markets as no one wanted to be heavily invested in the short term.
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