Gold, Silver Drift Lower

But early European trading was low key after prices drifted lower overnight on selling from gold producers, dealers said. Gold is sitting and doing nothing. Its the month-end which may be keeping things very quiet, a dealer said.

Gold fixed slightly lower at $379.30 an ounce, compared to $379.70 on Wednesday afternoon and a London close of $379.80/$380.30.

Gold has shed about $3.00 an ounce since the start of the week but was finding some support at the $379-$380 level, dealers said. But prices could head to the next support level of $377.50 an ounce if recent selling pressure continued.

 

Silver prices were barely changed from Wednesdays closing levels, down one cent at $4.81/$4.83.

On the downside, silver was eyeing support around $4.75 an ounce, which if breached would be followed by big losses towards $4.50, analysts said. Overhead, its big hurdle was $5.00.