Gold and silver prices sell off on profit taking from futures traders

New York (Sept 13)  The shorter-term futures traders are featured sellers in the gold and silver markets in late-morning action Friday. They are taking some profits or abandoning weak long positions heading into the weekend. Risk appetite in the world marketplace is still generally upbeat late this week, which is also a negative for the safe-haven metals and prompting some selling interest. December gold was last down $6.30 an ounce at $1,501.10.

By 11:20am EST spot gold was down nearly $2 at $1,496, while spot silver plunged more thn 1% to $17.86. Moreover, spot palladium fell $7 to $1,603.

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