Fri 11 May 2012 14:18:01 CT
Gold started out weaker, slid into the US PPI report, it then managed a slight recovery attempt into the Michigan Sentiment results and then prices weakened into mid session. However, gold prices spent most of the Friday US trading action in negative ground as the fear of global slowing remained in the headlines. In retrospect, seeing a slight decline in US initial claims yesterday and a minimal rise in consumer sentiment today was hardly enough to countervail deteriorating views toward the economy as a whole. Residual flight to quality interest in US Treasuries and the Greenback clearly leaves physical commodity markets like gold on a back foot. While some traders tried to play up solid Canadian data today, the focus of the trade seemed to be more interested in European and Chinese conditions.
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