Gold, Silver Decline as Equity Rout Spurs Sales to Raise Cash
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Gold fell for the second straight day on sales by some investors to cover losses in other markets. Silver slumped, capping the biggest weekly drop in three months.
U.S. equities, which erased earlier losses today, headed for the biggest weekly decline since March 2009. Yesterday, gold rose to a record $1,684.90 an ounce as global economic concerns and the sovereign-debt crisis in the U.S. and Europe sent yields on two-year Treasuries to a record low.