Gold News

Gold Ends Week 2.8% Higher, Stocks Gain 7%, as US Housing Data Improves

From Chris Mullen at GoldSeek.com...

Gold saw slight gains in Asia on Friday before it fell back off in London to $931.75 an ounce.

The Gold Price then exploded back higher in mid-morning New York trade, and ended near its high of $939.20 with a gain of 0.3% for the day.

Week-on-week, the Dollar Gold Price added 2.8%. The Gold Price in Euros rose 1.4% to €664 an ounce.

Silver followed a similar pattern to gold, and sprung from a low of $13.068 to end near its high of $13.45 with a gain of 1.3% on Friday.

For the week, silver added 5.9%.

Platinum meanwhile gained $7.50 to $1168.50, and copper gained a few cents to about $2.41.

Gold Mining and silver equities started off the day mixed, but they then rose for most of the afternoon and ended with about 1% gains, up 11% for the week.

The US Dollar index found slight gains while the Dow, Nasdaq, and S&P traded near unchanged on mixed earnings reports.

For the week, the major US indices rose sharply, however, adding nearly 7% to the S&P.

Oil continued to rise on optimism over signs of faster economic growth coming out of China.

Treasuries fell after US housing data came out better than expected.

Next week’s economic highlights include Leading Economic Indicators on Monday, Initial Jobless Claims and Existing Home Sale on Thursday, and Michigan Sentiment on Friday.

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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