Gold and silver took a dive and along with other commodities, precious metals sharply declined yesterday; by doing so, the rally of gold during November was erased in a single day. This fall may have been stem from the recent news from Fitch rating that U.S. banks are exposed to European debt and may be negatively affected by it. The Philly Fed slow down probably didn’t help as well. Today, the Canadian Core CPI will be published.
Gold sharply fell on Thursday by 3.05% to $1,720.2; silver also sharply declined by 6.87% to $31.50. In the chart below you can see the rise and sharp fall of gold and silver during the past few weeks. Due to yesterday’s sharp falls, gold declined by 0.3% during November, and silver declined by 8.3%.
For further reading: