Gold News

Gold Bounces to End the Week 4% Down, Silver Loses 7.7% as "Hurricane Season" Hits Oil Market

From Chris Mullen at

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.

Looking to Buy Gold online today? Make it safe, simple and cost-effective at BullionVault here...

Adrian Ash

Adrian Ash, BullionVault Gold News

Adrian Ash is director of research at BullionVault, the world-leading physical gold, silver and platinum market for private investors online. Formerly head of editorial at London's top publisher of private-investment advice, he was City correspondent for The Daily Reckoning from 2003 to 2008, and he has now been researching and writing daily analysis of precious metals and the wider financial markets for over 20 years. A frequent guest on BBC radio and television, Adrian is regularly quoted by the Financial Times, MarketWatch and many other respected news outlets, and his views from inside the bullion market have been sought by the Economist magazine, CNBC, Bloomberg, Germany's Handelsblatt and FAZ, plus Italy's Il Sole 24 Ore.

See the full archive of Adrian Ash articles on GoldNews.

Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News.

Follow Us

Facebook Youtube Twitter LinkedIn



Market Fundamentals