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The price of gold closed below $1100 for the first time in 2010 on Friday, ending a dismal week with another solid loss. Demand concerns and speculation that the dollar may rise further versus the euro has weighed heavily on commodity prices this week.
With inflation in check, traders are finding little reason to value the precious metal. February gold fell $13.50 to settle at $1089.70 an ounce. A furious rally on concerns about government spending and dollar weakness the drove gold to record highs above $1225 back in December.
The dollar has surged and stocks have tumble of late amid growing talk of a double dip recession. Calls by President Barack Obama for new restrictions on financial institutions further soured the mood on Wall Street.
Market players may turn their attention to the fate of Fed Chairman Ben Bernanke next week. Senator Barbara Boxer, D-Calif., has joined a growing list of Senators from both sides of the aisle expressing opposition to a second term for Bernanke.
In a statement Friday, Boxer said that it is "time for a change - it is time for Main Street to have a champion at the Fed." She said Bernanke "played a lead role in crafting the Bush administration's economic policies, which led to the current economic crisis."
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