Gold News

Gold Ends Easter Week 1.6% Lower as Stocks Rally on Wells Fargo Earnings

From Chris Mullen at GoldSeek.com...

Gold and silver both traded modestly lower in Asia on Thursday, rising to see slight gains in early London trade before plummeting shortly before the New York opening.

The Gold Price fell as low as $874.30 and silver dropped to $12.13 by about 09:00 EST, but both metals then stormed back higher for most of the rest of trade.

Gold Bullion ended Thursday down just 0.3%, while silver shed  0.4%.

With the major European, London and New York markets then closed for Good Friday, Gold Prices ended Easter Week 1.6% lower, and silver dropped 3.5% from the previous week's close.

Oil meantime rose with the US Dollar index and Treasuries fell while the Dow, Nasdaq, and S&P gained over 3% banking group Wells Fargo surprised the Street with a record-breaking first-quarter profit far above analyst forecasts.

The Gold Price in Euros climbed back above €770 an ounce, while platinum gained $11.50 to $1186.50, and copper gained over 7 cents to a new 5-month high at about $2.07.

Gold Mining and silver equities traded in a tight range of roughly 1% on either side of unchanged and ended slightly lower for Thursday, down more than 4% for the week.

On the data front, US import prices rose 0.5% in March from a month earlier, while export prices fell 0.6%. The US trade deficit shrank to $26 billion for Feb., down sharply from Jan.'s $36bn.

Initial jobless claims for last week were lower than expected at 654,000. Friday at 14:00 EST brings the US Treasury budget for March, expected at -$160.0 billion.

Next week’s economic highlights include PPI, Retail Sales, and Business Inventories on Tuesday, CPI, Empire Manufacturing, Capacity Utilization, Industrial Production, and the Fed's Beige Book on Wednesday, Building Permits, Housing Starts, Initial Jobless Claims, and the Philadelphia Fed on Thursday, and Michigan Sentiment on Friday.

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.

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