Gold and Silver Price Update-Japanese Investors Selling Gold to Deal With Earthquake Crisis

Gold and silver prices registered a fall on Monday, the 15th of March 2011 as profit taking weighed on gold. There was an increased amount of gold selling from Japanese investors wanting to raise cash to deal with the aftermath of the earthquake in the country. The selling was also being attributed to fears about an impending nuclear disaster in the country, following reports about radiation leakage from the Fukushima nuclear plant. The most actively traded contract for April delivery settled at USD $ 1392.80 per troy ounce on the Comex Division of NYMEX. American Eagle Gold’s spot price was at USD $ 1456.73 per troy ounce, down from Monday’s price of USD $ 1490.17 per troy ounce.

The London Fixing, Spot Price of silver fell from Monday’s price of £22.472 per troy ounce to £21.1354 per troy ounce.