Saturday, February 16th 11:29 AM IST

Gold drops 3%, Silver 5.1% for the week

# Silver  # gold prices  # gold  # Comex  # Soros  

Gold prices hovered above $1,600 Friday, having slipped below that level for the first time in six months after regulatory filings showed that several high-profile fund managers cut back their bullion holdings.

NEW YORK(BullionStreet): Gold and silver ended lower for the week,mainly on a strong US economic data. Gold dropped 3 percent for the week while silver plunged by 5.1 percent for the week.

On Friday, gold futures for delivery in April dropped $26, or 1.6%, to settle at $1,609.50 an ounce on the comex division of the New York Mercantile Exchange after touching a low at $1,596.70.

Gold prices hovered above $1,600 Friday, having slipped below that level for the first time in six months after regulatory filings showed that several high-profile fund managers cut back their bullion holdings.

March futures for silver fell 50 cents, or 1.7%, to end at $29.85 an ounce. That was the lowest settlement for a most-active contract since Dec. 20 and prices lost 5.1% for the week.

News that George Soros’s hedge fund cut holdings on a major gold fund also added pressure as investors assessed reported comments from the Group of 20 nations, as group gathered in Moscow for a two-day meeting.

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