Gold and silver prices settle lower after jump

AP News
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Posted: Jul 18, 2014 3:19 PM

Gold prices are settling lower to end the week, a day after concerns about a conflict between Russia and Ukraine shot prices up.

Gold for August delivery fell $7.50, or 0.6 percent, to $1,309.40 an ounce. Silver for September sank 25 cents, or 1.2 percent, to $20.89.

Markets were rattled on Thursday following news that a passenger plane was shot down over eastern Ukraine, a battleground where government troops have been fighting Russian-backed separatists. Speculation that tensions between Russia and Ukraine could boil over sent traders into precious metals.

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Dan Walsh, market strategist at RJ O'Brien & Associates in Chicago, says that with no escalation on Friday, traders were more willing to buy riskier assets, like stocks.

Industrial metals also settled lower Friday. Crude oil slipped to $103.13 a barrel.