Gold News

Gold Cuts Weekly Loss vs. Dollar, Drops 2.8% to Euro, as G20 Meeting Begins

From Chris Mullen at

Gold fell over $10 in late Asian trade on Friday, dropping as low as $1314.53 an ounce before it rallied back higher in London.

Seeing a $3.55 gain on the day at $1328.35 by about 09:00 New York time, the Gold Price then fell back off a bit and ended flat on the day.

For the week, Gold Prices in Dollars dropped 3.4%. Versus the Euro, gold lost 2.8%, closing at €30,600 per kilo.

Silver Prices fell as low as $22.80 in late Asian trade Friday, before also climbing back higher, but still ending with a loss of 0.5% on the day, down 4.7% on the week.

Platinum gained $1 to $1668.50, and copper rose slightly to about $3.79.

Gold Mining and silver equities saw about 1% losses in early trade, but they then climbed back higher and ended with slight gains on Friday.

For the week, the XAU index of Gold Mining and silver stocks lost 4.5%.

Crude oil meantime rose as the US Dollar index ended with a slight loss ahead of this weekend's G-20 meeting.

Treasury bonds also saw slight losses despite the Federal Reserve buying some $2.5 billion of US government debt.

The Dow, Nasdaq, and S&P remained near unchanged on mixed earnings reports, finishing the week some 0.6% higher.

There were no major economic reports on Friday. Next week's economic highlights include Existing US Home Sales on Monday; the Case-Shiller 20-city Index, Consumer Confidence, and the FHFA Home Price Index on Tuesday; MBA Mortgage Applications, Durable Goods Orders, and New Home Sales on Wednesday; Initial Jobless Claims on Thursday; and GDP, the Employment Cost Index, Chicago PMI, and Michigan Sentiment 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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