Price Of Gold Sees Further Downside

(RTTNews) - After falling sharply in the previous session, the price of gold saw some further downside during trading on Friday.

Gold for December delivery slid $10.90 to $1,178.40 an ounce after tumbling $21.90 to $1,189.30 an ounce during trading on Wednesday.

The continued decline by the price of gold came amid an abbreviated trading session, with many traders still away from their desks following the Thanksgiving Day holiday on Thursday.

On the U.S. economic front, the Commerce Department released a report showing that the trade deficit in goods widened much more than expected in October.

The report said the goods deficit widened to $62.0 billion in October from $56.5 billion in September. The deficit had been expected to widen to $59.7 billion.

The wider deficit came as the value of imports climbed by 1.1 percent to $184.1 billion and the value of exports fell by 2.7 percent to $122.1 billion.