Gold Bounces to End the Week 4% Down, Silver Loses 7.7% as "Hurricane Season" Hits Oil Market
From Chris Mullen at GoldSeek.com...
Gold Prices fell to $870.70 by late trade in Asia n Friday, but then rose throughout most of London and New York hours to end near the day's high of $888.90 with a gain of 1.2%.
For the week, the Gold Market dropped 4%. Silver lost 7.7%.
Crude oil rose Friday as traders started to worry about hurricane season which officially starts this weekend. It closed the session 3.7% lower from Monday at $127.35 per barrel.
The US Dollar index fell and Treasury bonds rose as open-market interest rates fell from their 2008 highs on mostly tame US data.
The Dow, Nasdaq, and S&P rose slightly for most of trade on decent earnings news, but the Dow sold off in the final minutes of trade to close with a loss.
Gold and silver miner stocks rose roughly 2% at Friday's open and remained near their highs for most of the rest of the day. But they ended the week more than 4% on the HUI index. South Africa's JSE index dropped 7.8% from Monday.
The Gold Price in Euros rose near €571, platinum gained $17 to $2006, and copper gained roughly 6 cents to about $3.63.
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