Gold News

Gold Hits 2010 Dollar Record, Ends Friday at Record-Weekly Close in Euros & Sterling

From Chris Mullen at

Gold Prices climbed to $1158.00 an ounce in London on Friday, before falling to see a $1.25 loss at $1151.40 by about 10:00 ET in New York.

The Gold Price then jumped to a new 2010 high of $1164.38 by about noon and ended with a gain of 0.7% on the day, more than 3% higher against the Dollar for the week.

The Gold Price in Euros re-touched Thursday's new record high of €765 an ounce. For UK investors, the price ended Friday's trade at a new record weekly finish of £756.

Silver Prices followed a similar pattern to gold and ended near New York's midday high of $18.41 with a gain of 1.2% on the day, some 2.6% better from the week before.

Platinum gained $4.50 to $1717.50, and copper remained at about $3.58.

Gold Mining and silver equities traded roughly 1% higher throughout the day.

Oil fell slightly on worries over energy demand, while the US Dollar dropped and the Euro rose on hopes for an aid package for Greece.

Treasuries saw slight gains along with the Dow, Nasdaq, and S&P.

New data showed Wholesale Inventories swelling by 0.6% in Feb., rather than the 0.4% expected.

Next week's US data highlights include the Treasury Budget on Monday; Export and Import Prices and the Trade Balance on Tuesday; Consumer Price inflation, Retail Sales, Business Inventories, and the Fed's Beige Book of analysis on Wednesday; Initial Jobless Claims, Net Long Term TIC Flows, Capacity Utilization, Industrial Production, and the Philadelphia Fed on Thursday; and Building Permits, Housing Starts, 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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