Another Decline for Gold - TheStreet

Another Decline for Gold

Bullion loses $2.10 at $660.70 an ounce.
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Gold prices were dipping again Friday, marking the third consecutive pullback for the precious metal, but the selling pressure wasn't as heavy as it had been.

Benchmark contracts for gold bullion were moving down $2.10 at $660.70 an ounce in recent New York futures market action. Silver also saw a price decline, losing 20 cents at $12.76 an ounce lately.

The exchange-traded funds that hold stocks of gold bullion,

streetTracks Gold Shares

(GLD) - Get Report

and

iShares Comex Gold Trust

(IAU) - Get Report

, were both lower by 0.4%.

In the foreign exchange markets, the greenback was being marked higher against the major currencies.

Euros were selling for $1.3652, down from $1.3744 late Thursday. The British pound was trading for $2.0311, down from $2.0489 a day earlier. Dollars were fetching 118.97 yen, up from 118.76 yen previously. The price of dollar-denominated assets, such as precious metals, tends to fall as the value of the U.S. currency increases.

Turning to the mining patch, shares of

Golden Star Resources

(GSS) - Get Report

and

Eldorado Gold

(EGO) - Get Report

were slipping more than others in the group, off 3.3% and 2.1%, respectively, in recent action.

As for base metals, copper prices were better by 2 cents at $3.54 a pound following a drop in inventories of the metal in China.

Elsewhere, prices for cocoa futures were down more than 3% at $1,934 a ton, while coffee was higher by 1% at $1.13 a pound.