Gold price slips back below $1,500

The price of gold has fallen slightly this week after blasting through record highs of $1,500 per troy ounce last week.

Gold has eased below the $1,500 mark to $1,497, partly because of light trading in the spot market due to yesterday's bank holiday. Silver has also pared back slightly, sitting at $47.48 per ounce.

Gold hit $1,518.10 per troy ounce last week, spurred by Standard and Poor's decision to downgrade the credit outlook for the US to 'negative'.

Meanwhile, silver climbed to $49.31 per ounce, its highest level since a supply squeeze in 1980.

Precious metals have been supported by investors who have been seeking perceived safe havens from risks such as inflation and weaker currencies

(Source: http://www.ftadviser.com/InvestmentAdviser/Investments/News/article/20110426/a24a16ca-6fe5-11e0-be01-00144f2af8e8/Gold-and-silver-prices-cool.jsp)