Gold News

Gold Price Adds 0.7% for the Week, Silver Rises 5.8% as Dollar Ticks Higher

From Chris Mullen at GoldSeek.com...

Gold fell $10.60 to $1424.10 per ounce in after-hours access trade Thursday before it rebounded in Asia and London on Friday and saw a $3.14 gain at $1437.84 at about 07:30 Eastern Time.

The Gold Price then fell back off sharply in late New York trade and ended with a loss of 0.6% on the day. For the week, Dollar Gold Prices rose 0.7%.

Silver dropped to $36.82 an ounce in after hours access trade on Thursday before it rebounded to $37.77 by about 08:00 in New York on Friday, but it also fell back off in late trade and ended with a loss of 1.0% for the day.

For the week, the Silver Price rose 5.8% vs. the Dollar.

The Gold Price in Euros climbed to over €1013 per ounce. Platinum lost $13.50 to $1741.50, and copper fell slightly to about $4.41.

Gold Mining and silver equities waffled near unchanged and ended with slight losses.

Oil ended slightly lower in quiet trade as the US Dollar index rose, up 0.7% for the week, on hawkish comments from a Fed official.

Treasuries fell as the Dow, Nasdaq, and S&P rose on a better-than-expected GDP report, which upgraded Q4 2010 growth to 3.1% from the 2.8% first reported.

Next week's economic highlights include Core PCE Prices, Personal Income and Spending, and Pending Home Sales on Monday, the Case-Shiller 20-city Index and Consumer Confidence on Tuesday, ADP Employment on Wednesday, Initial Jobless Claims, Chicago PMI, and Factory Orders on Thursday, and March’s jobs data, the ISM Index, and Construction Spending on Friday.

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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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