Gold News

Gold Jumps Again After Best Day in 20 Years as Oil Nears $143; Dollar and Stocks Fall

From Chris Mullen at

The Gold Market was not satisfied with Thursday’s $30 gain – the largest one-day rise in over 20 years – and so continued to climb throughout world trade on Friday as oil hit a new record high.

Gold added another $15 per ounce to finish New York at $928.10, a one-month high. Silver followed suit and both metals ended near their session highs as the US Dollar continued to fall despite a reported drop in US inflation, lower personal spending but sharply better personal incomes.

The Gold Price in Euros rose to about €588, platinum remained unchanged at $2059.50, and copper gained over 5 cents to about $3.88.

Gold and silver equities rose throughout the day and ended with roughly 4% gains.

Crude oil rose to a new record intraday high of $142.99 before pulling back a little, but it still made a new record closing high.

Treasury bonds rose higher while the Dow, Nasdaq, and S&P added to Thursday’s roughly 3% losses.

Next week’s economic highlights include Chicago PMI on Monday, Construction Spending and the ISM Index on Tuesday, ADP Employment and Factory Orders on Wednesday, and Initial Jobless Claims, ISM Services, and June’s jobs data on Thursday.

US markets are closed next Friday in observance of Independence Day.

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Chris Mullen is chief content manager of the GoldSeek family of websites, a leading source of gold news, comment and mining-stock data for private and institutional investors.

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