Gold News

Gold Drops 1.7% Week-on-Week, Mining Stocks Drop 6%, as Wall Street Rises Again

From Chris Mullen at GoldSeek.com...

Gold and silver both fell in choppy trade throughout Friday, with the Gold Price ending near its session low of $864.65 with a loss of 1.3%.

For the week, gold lost 1.7% or US investors. The Gold Price in Euros fell to €664.

Silver dropped 3.7% on Friday to close at $11.80 an ounce, down 3.9% for the week, while platinum slipped to $1,202 and copper closed at $2.17.

Oil meantime rose back above $50, the US Dollar index climbed near the technically important 86 level, and Treasuries fell markedly as decent earnings reports and better-than-expected Michigan Sentiment – up at 61.9 from last month's 57.3 – raised hopes that the worst is behind the US economy.

The Dow, Nasdaq, and S&P rose again to make for the sixth straight week of gains, but Gold Mining and silver equities fell about 4% by early afternoon before they rebounded slightly, but they still ended with over 3% losses on the day and worse than 6% losses for the week.

The coming week’s US economic highlights include Leading Economic indicators on Monday, Initial Jobless Claims and Existing home Sales on Thursday, and Durable Goods Orders and New Home Sales 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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