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Gold Prices Sink Amid Multiple Headwinds

"The bigger funds have been playing for a couple weeks now, they're in the water, they've been selling it down," David Yoe Williams, director at Strategic Gold Corp., said in an interview. "I think the long-term investor, the physical gold investor is in the market, is staying in the market ... but the derivatives market in gold is 100 times bigger than the physical, so it's driving the market right now."

Gold-mining stocks were mixed Friday. Shares of Eldorado Gold (EGO - Get Report) were dropping 1.9%, and Newmont Mining (NEM - Get Report) was rising 0.7%.

Among volume leaders, Yamana Gold (AUY - Get Report) were off 1.1%.

Gold ETF SPDR Gold Trust (GLD) was dipping 0.16%, while iShares Gold Trust (IAU) was slipping 0.13%.

-- Written by Joe Deaux in New York.

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AUY $3.80 0.00%
EGO $4.96 0.00%
GLD $115.60 0.00%
IAU $11.65 0.00%
NEM $22.72 0.00%


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S&P 500 2,059.69 -8.20 -0.40%
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