Gold News

Gold Price Ends Week 0.9% Up, Silver Adds 3.5%, as Stocks, T-Bonds and Dollar Rise


From Chris Mullen at

The Gold Price fell $5.30 per ounce to $1357.20 in London on Friday, before it rose to see a $5.63 gain in early New York trade.

Gold priced in Dollars then fell back off for most of the rest of the day, but it bounced off its late session low of $1353.65 in the last half hour of trade and ended with a loss of just 0.2% on the day, some 0.9% higher for the week.

The Gold Price in Euros climbed over €1005 per ounce.

Silver fell to $29.91 per ounce and rose to $30.285 before it also fell back off in later US trade, but it bounced off its early afternoon low of $29.68 and also ended with a loss of 0.2%, nearly 3.5% higher for the week.

Platinum lost $19.25 to $1805, and copper fell slightly to about $4.53.

Gold Mining and silver equities rose over 1% by about 11:00 EST, but they then fell back off midday and ended with slight losses.

Crude oil fell as the US Dollar index rose on the forex market.

Treasuries rose along with the Dow, Nasdaq, and S&P - which ended the week 1.5% higher - on news of Mubarak’s resignation in Egypt that eased geopolitical concerns.

The US Trade Deficit rose faster than expected in Jan., new data showed, while the Michigan Sentiment Index lagged analyst forecasts.

Next week’s US economic highlights include Retail Sales, Empire Manufacturing, Export and Import Prices, Net Long-Term TIC Flows, and Business Inventories on Tuesday, Housing Starts, Building Permits, PPI, Industrial Production, and Capacity Utilization on Wednesday, and CPI, Initial Jobless Claims, Leading Economic Indicators, and the Philadelphia Fed on Thursday.

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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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