Gold News

Gold Price Surges to Erase Week's Losses as Stocks Fall on Egypt Unrest & Poor US Data

From Chris Mullen at

The Gold Price fell as much as $11.10 to $1307.80 per ounce in Asia on Friday, before it rebounded back to almost unchanged at $1318.19 in early New York trade.

The Gold Price then slipped but surged back higher for the rest of the morning and ended near its midday high of $1346.74 with a gain of 1.7% on the day, almost erasing the week's previous sharp losses.

The Gold Price in Euros jumped to more than €986 per ounce, also ending the week unchanged.

Silver Prices fell as much as $0.63 to $26.38 in early Asian trade before also rallying back higher in New York and ending near the late session high of $28.013 with a gain of 3.3% on the day.

Platinum lost $3.25 to $1789.50, and copper climbed a few more cents to about $4.36.
Gold Mining and silver equities rose over 2% by midday before they fell back off a bit in afternoon trade, but they still ended with about 1% gains.

Crude oil rose markedly on worries over unrest in Egypt that sent both the US Dollar index and Treasuries higher.
The Dow, Nasdaq, and S&P fell on geopolitical concerns, weaker than expected US growth data – plus higher-than-forecast inflation – and disappointing earnings reports.

Next week's US economic highlights include Personal Income and Spending, Core PCE Prices, and Chicago PMI on Monday; Construction Spending and the ISM Index on Tuesday; ADP Employment on Wednesday; Initial Jobless Claims, Productivity, Unit Labor Costs, Factory Orders, and ISM Services on Thursday; and January's job data 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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