News Summary: Gold sinks after incomes rise

News Summary: Gold prices sink after report shows Americans' incomes surged in December

Associated Press

LOSING LUSTER: Prices for gold and silver fell Thursday, after a report showed Americans income surged in December.

BEAT THE CLOCK: The government that personal income jumped 2.6 percent from November to December, the biggest monthly gain since 2004. The big drivers were dividend payments and bonuses, which companies moved up to help high-income earners avoid a tax increase in the new year.

SETTLING DOWN: Gold for April delivery lost $19.30, more than 1 percent, to settle at $1,660.60 per ounce. Silver followed gold lower. Silver for March delivery sank 82.6 cents, more than 2 percent, to $31.35 per ounce.

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