Gold News

Gold Adds 2.3% for the Week vs. Dollar as Stocks Fall, Ends April at Fresh Euro Record

From Chris Mullen at

Gold steadily rose throughout Asian and London trade on Friday, rising further in New York to end near its noontime high of $1181.60 an ounce.

Adding 1.0% for the day vs. the Dollar, gold rose 2.3% for the week, finishing at its second-best monthly and weekly level, shy of Nov. 2009's $1196.

The Gold Price in Euros rose to finish the week 2.5% better, closing above €28,500 per kilo for the first time.

Silver rose as high as $18.75 by late morning before it fell back off in the last couple of hours of trade, but it still ended with a gain of 0.5% on the day, more than 2.4% better from the previous Friday.

Platinum gained $8 to $1737.50, and copper remained at about $3.37.

Gold Mining and silver equities traded roughly 2% higher for most of the morning before they fell back off a bit in afternoon trade, but they still ended over 3% better for the week on average.

Crude oil rose as the US Dollar index fell again on continued bailout hopes for Greece that sent the Euro higher.

Treasuries rose as the Dow, Nasdaq, and S&P fell over 1% on uncertainty over Greece, worries over Goldman's criminal investigation, and mixed economic data.

For the week, the S&P 500 index lost 2.5%.

US economic growth for the first quarter was reported just below analyst expectations, with rising employment costs.

Next week's economic highlights include Personal Income and Spending, Construction Spending, and the ISM Index on Monday, Factory Orders on Tuesday, ADP Employment and ISM Services on Wednesday, Initial Jobless Claims and Productivity on Thursday, and April's jobs data and Consumer Credit 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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