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Gold Price Hits New Euro-High, Adds 1.1% for Week vs. Dollar, as Stock Markets Fall, Silver Stalls

From Chris Mullen at

The Gold Price climbed $12.34 to $1504.34 in Asia on Friday, before it fell back off in London.

Falling as low as $1486.80 per ounce by 10am New York time, the Gold Price then shot to a new session high of $1515.75 by early afternoon and ended the day with a gain of 1.2%, up by 1.1% on the week.

Silver Prices surged as high as $35.56 in Asian trade before falling back to $34.21 in New York. Silver also then bounced back higher in late trade, but it ended with a gain of just 0.5% on the day, barely 0.1% higher for the week.

Treasuries rose as the Dow, Nasdaq, and S&P fell on poor earnings reports, with the US stock indices losing around 1% for the week.

Oil climbed higher in late trade and ended near $100 a barrel on short covering heading into the weekend.

The US Dollar index rose as the Euro fell after Fitch downgraded Greece’s credit rating below investment grade.

The Gold Price for Euro buyers rose to €1070 finishing Friday at a new all-time high weekly close, just shy of its all-time daily peak made in late Dec. 2010.

Platinum gained $1.50 to $1763, and copper gained 7 cents to about $4.12.

Gold Mining and silver equities fell about 2% by midmorning in New York, but they then climbed to see over 1% gains by midday and remained near that level for the rest of the day, closing the week just over 2% stronger.

There was no US economic data on Friday, but Canadian Retail Sales and Consumer-Price inflation both came in weaker than analysts forecast.

Canada's stock market is closed on Monday for Victoria Day. Between now and next week's long Memorial Day weekend, US economic highlights will include New Home Sales on Tuesday, Durable Goods Orders on Wednesday, GDP and Initial Jobless Claims on Thursday, and Personal Income and Spending, Core PCE Prices, Michigan Sentiment, and Pending Home Sales 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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