Gold settles at lowest price since summer

March 1, 2013 at 3:52 PM

NEW YORK, March 1 (UPI) -- Gold prices settled at their lowest since mid-summer Friday, down $5.80 to $1,572.30 an ounce on the Comex division of the New York Mercantile Exchange.

FactSet said the settlement, the third consecutive down day, was the lowest since July 18.

Analysts gave two reasons: investor fatigue and the market geared up for the automatic $85 billion in budget cuts known as the sequester, which some say may be supportive for gold.

The price for silver closed up 6 cents at $28.49 an ounce.

The dollar index was 82.329 on the International Exchange Friday, up from 81.97 Thursday.

Against the dollar the euro was $1.3026 from Thursday's $1.3056. Against the yen, the dollar was 93.59 yen from 92.62 yen.

The British pound was 1.5029 from $1.5159 Thursday. The dollar was 1.0271 Canadian dollars from 1.0308 Canadian dollars.

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