NEW YORK (Commodity Online) : Gold and oil prices fell along with Mubarak in Egypt as the black gold dropped on easing tensions in Egypt while the bullion was hit by rising dollar and equity stocks.
Light sweet crude for March delivery lost $1.12 to $85.61 per barrel while in London, Brent crude fell 31 cents to $101.13 a barrel.
Analysts said political uncertainty remained in the Middle East despite Mubarak exit as concerns that anti-government protests could have spread across the region and added to market volatility.
They said the black gold took the immediate impact of the situation as it eased along with tensions but gold failed to take advantage as strong dollar and equity stocks hit it from gaining.
The greenback was also supported by data showing the US economic recovery is gaining traction. Resurgent concerns about the European sovereign debt crisis weighed on the euro.
The anti Mubarak protests culminated successfully yesterday as Mubarak and his family left for the Red Sea resort city of Sharm-el-Sheikh bringing the curtains down on an authoritarian era lasted for over 30 years.
The bullion also dropped on losing safe-haven appeal and finished lowest for the week on Friday. However, overall the bullion gained 8 percent for the week.
Gold for immediate delivery was at $1,362.10 an ounce on close after climbing as high as $1,368.16 an ounce while Gold for April delivery declined $2.10, or 0.2%, to settle at $1,360.40 an ounce on the Comex division of the New York Mercantile Exchange.
