Gold News

Gold Ends Week 3.1% Higher But Lags Equities as Dollar Slips

From Chris Mullen at GoldSeek.com...

Gold Prices rose to its session high $919.50 an ounce at Friday's New York opening as the latest US jobs data was released, falling back and then rallying again to close unchanged for the day with a 3.1% gain for the week.

The Bureau for Labor Studies said the US lost 539,000 jobs in April, fewer than analysts forecast but including 226,000 extra pay-rolls through the BLS new business "birth/death" adjustment.

The Unemployment Rate rose to a new 25-year high of 8.9%.

Crude oil meantime rose to new highs for the year as the US Dollar index plummeted and Treasuries fell slightly.

The Dow, Nasdaq, and S&P equity indices rose about 2% Friday on the better than expected jobs data, plus fresh confidence in the banking sector.

Wall Street's big indices have now all risen for nine straight weeks, adding nearly 5.9% to the S&P 500 last week.

The Gold Price in Euros fell to about €675 on Euro strength.

Silver hit a high of $14.03, slipping to see roughly 1% losses by 10:30 EST but then also rallying in the last few hours of trade to close with a loss of just 0.5%.

For the week, silver was up 11.6%.

Platinum lost $11 to $1136.50, and copper fell a couple of cents to about $2.15.

Gold Mining and silver equities chopped around at just slightly higher levels in morning trade, but they then steadily climbed higher in afternoon action and ended with over 3% gains for Friday, up some 14% on average for the week.

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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