It adds up to six negative sessions for the Dow Jones Industrial Average and the S&P 500. The Nasdaq finished lower by .97 percent at 2675.38. The S&P 500 finished lower by .42 percent at 1279.56 and the Dow Jones Industrial Average finished lower by .18 percent at 12,048.94. The dollar rose versus the euro and the British pound. Gold contract dropped 5.30 on the day and silver contract dropped .42 on the day. Gold for August delivery ended the session at 1538.70 per troy ounce and July silver finished lower at 36.62 per troy ounce. During the hours after last session close and prior to today’s opening bell, spot gold and spot silver were trending in negative territory. 24 karat gold prices were dropping off as well. Gold prices are dipping due in part to comments made by Bernanke earlier this week. Based on these comments the end of QE2 is nearing and there are no plans to extend this support. No more greenbacks will be printed in the name of economic recovery. Less money printed means more value for the dollar and bearish trends for precious metals. During the interval prior to opening bell for today, spot gold per kilo was lower by 249.81 at 49368.44. Spot gold per gram was lower by .25 at 49.37. Spot silver per kilo was lower by 11.19 at 1179.68 and spot silver per ounce was lower by .35 at 36.39. 24 karat gold per gram was red by .36 at 54.20.

Source