Gold News & Info

Source: Marketwatch

San Francisco— Gold and silver edged lower Thursday, unable to hold on to gains after a rash of disappointing macroeconomic data once again called the recovery into question, hurting prospects for silver�s industrial demand. Gold for June delivery% declined $3.40, or 0.2%, to $1,492.40 an ounce on the Comex division of the New York Mercantile Exchange. Earlier, it had traded as high as $1,499.60 an ounce, but couldn�t top $1,500. On Wednesday, gold for June delivery surged 1.1%, but also remained below the $1,500 level. Every failed attempt meant investors had a fresh reason to sell, said Carlos Sanchez with CPM Group in New York.

Meanwhile, July silver declined 17 cents, or 0.5%, to $34.93 an ounce. Earlier, silver had traded higher but reversed course after the day�s downbeat macroeconomic reports, said Tom Pawlicki, an analyst with MF Global in Chicago. Silver has wide industrial applications and often moves in tandem with prospects for global economic growth. See full story.