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Beef recall announced over E. coli fears
NEW YORK, Dec. 28 (UPI) -- Gold and silver prices dropped in New York Friday concluding a choppy, up-and-down week for metals.
The budget impasse in Washington has is the primary concern among brokers. As equity markets dropped for the fifth consecutive session Friday, gold and silver slipped, indicating precious metals are not being viewed as the go-to safe haven during the current market uncertainty.
On the New York Mercantile Exchange, gold for February delivery shed $7.80 cents or 0.47 percent to $1,655.90 per troy ounce.
Silver for March delivery dropped 27 cents or 0.88 percent to $29.98 an ounce.
The euro fell to $1.3217 from Thursday's $1.3237. The dollar fell to 85.96 yen from 86.11 yen.
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Nobody likes spending cuts but the champion of that attitude is clearly President Barack Obama, who seems to have a very clear pain-avoidance agenda.
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