Gold News

Gold Ends Week 0.7%, Oil Hits New 2009 High

From Chris Mullen at

Gold fell slightly in Asia on Friday, rising to find decent gains in London, and exploding as high as $957.55 just as New York opened for business.

The Gold Price then fell back off a bit into the close, but it still ended with a gain of 1.4% for the day.

Oil rose to its highest price this year at about $74 a barrel on positive economic data around that world that improved the demand outlook.

The US Dollar index and Treasuries fell on a renewed surge in risk taking that sent the Dow, Nasdaq, and S&P over 1.5% higher on the day, up some 2% on the week.

Besides better than expected US housing data, Fed chairman Ben Bernanke's speech at the Kansas City Fed Bank conference in Jackson Hole also stoked economic optimism.

For the week, gold added 0.7%. In Euros, the Gold Price slipped €2 per ounce to just below €666.

Silver followed a similar pattern to gold on Friday, ending near its high of $14.288 with a gain of 1.9% for the day, but 3.5% lower from the previous week's close.

Platinum gained $18.50 to $1253.50, and copper gained roughly 14 cents to about $2.88.

Gold Mining and silver equities rose over 3% in the first hour of Friday's North American trade, before they fell back off a bit for most of the rest of trade, but they still ended with about 2% gains, flat for the week.

Next week's economic highlights include Consumer Confidence and the S&P/CS Home Price Index on Tuesday, Durable Goods Orders and New Home Sales on Wednesday, Initial Jobless Claims and GDP on Thursday, and Personal Income and Spending, Core PCE, and Michigan Sentiment 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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