From Chris Mullen at GoldSeek...
The Gold Market remained near unchanged in Asia on Friday, traded about a Dollar higher in London, and fell off a few Dollars to as low as $663.60 by late morning in New York before rallying back higher into the close.
For the day, Spot Gold Prices ended with a loss of 0.1%, but closed the week nearly 2% higher. Silver rose near $13.15 in London before it dropped to $12.97 in New York on Friday, and then bounced back higher into the close to end with a loss of 0.53%.
The Price of Gold in Euros fell near €483, platinum lost $5 to $1,310, palladium lost $1 to $366, and copper gained roughly 3 cents to about $3.58.
The physical gold bullion held in trust for equity investors holding by StreetTracks GLD, the largest of the world's exchange-traded gold funds, rose by 20 tonnes for the week. Gold and silver equities remained near unchanged throughout Friday's trade and closed mixed.
"Having gold end the week holding its gains is a good signal for next week’s trading," says Peter Spina at GoldSeek. "Upside bias should prevail under continuously strong oil prices and a US Dollar hanging on for dear life at the massive support below.
"Gold could potentially have another great week ahead, although a rebound in the US Dollar along with a falling oil price could damper prospects. Otherwise talk of $700 shall reemerge."
Following this week's sharply lower US retail sales, next week’s economic highlights include the NY Empire State Index on Monday, the Producer Price Index plus net foreign purchases, capacity utilization, and industrial production on Tuesday with Consumer Price Inflation due together with Housing Starts and Building Permits on Wednesday.
Initial Jobless Claims, Leading Economic Indicators, the Philadelphia fed survey, and FOMC minutes follow on Thursday.
In the broader markets, oil rose about 2% on Friday to a new 11-month high on supply disruptions in the North Sea and an IEA report expecting demand growth.
The US Dollar fell yet again to a new record low versus the Euro and Treasury bonds rose despite stronger than expected consumer sentiment as Retail Sales came in weaker than expected and dampened views about the health of the US economy overall.
The Dow and S&P rose to new record highs and the Nasdaq rose to a new six and a half year high on takeover activity and optimism over earning reports due out next week. Among the big names making news in the market Friday were Hovnanian, Alcoa, Energizer and Playtex, GE, and Barclays and ABN Amro.