Gold Prices Decline on Profit Taking
Jessica Menton | Feb 8, 2012 4:20pm EST | 1min:29sec
Gold prices fell today, their third daily decline in the last four trading sessions. Traders said it was mostly about profit taking. But there also was some selling by investors nervous about what's going to happen in Greece.
The price of gold also took a hit on a report that Italy's economy declined in the fourth quarter plus discouraging reports from Germany and France about their economies.
But even with gold prices struggling this week they're still up 11 percent so far this year.
The white metals were mixed: Silver closed lower but platinum and palladium settled higher.
Shares of mining companies that produce gold and silver were mixed. Tahoe Resources and Coeur d'Alene Mines, both of which produce silver, rose but Pan American Silver and Hecla Mining fell. Among gold miners, Barrick Gold the world's biggest gold miner fell as did Goldcorp and Newmont Mining.
