JAKARTA (Yosefardi) – Gold prices dropped substantially by 2.06% to US$1358 per ounce Friday (May 17), while Nymex crude oil gained 0.9% to US$96 per barrel.
Silver also declined further by 2% to US$22/Oz, while copper advanced 0.77% to US$3.32/pound.
Gold dropped substantially to below US$1400/Oz, in contrast to earlier predictions that the commodity would exceed US$2,000/Oz in the first half of 2013.
Shares of gold producers, meanwhile, end mixed Friday as Freeport McMoRan, which operates Indonesia’s largest gold mine in Papua, gained 2% in New York, while Newmont Mining lost 2.55%.