Gold News

Gold Price Edges Lower As Dollar Rallies On Euro Concerns

From Chris Mullen at

The Gold Price remained near unchanged in Asia and London on Friday before it dropped in early New York trade to as low as $1525.79 by a little after 10am EST. Gold Prices then rallied back higher midday, before falling back off again in late trade and ending with a loss of 0.82%.  

The Euro Gold Price rose to about €1065,

Silver Prices fell to as low as $36.222 in the last minutes of trade and ended with a loss of 2.68%.

Gold Mining and silver equities fell over 2% by midmorning before they rallied back higher midday, but they still ended with over 1% losses.

Platinum lost $11.50 to $1826, and copper fell over 5 cents to about $4.05.

Oil fell as the US Dollar rose on renewed worries over Greece that sent the Euro lower.

US Treasuries rose as the Dow, Nasdaq, and S&P fell on concerns over weak economic growth and sovereign debt.

Among the big names making news in the market Friday were Ally Financial, GM, Toyota, and Paulson.

This week's economic highlights include Retail Sales, PPI, and Business Inventories on Tuesday, CPI, Empire Manufacturing, Net Long-Term TIC Flows, Industrial Production, and Capacity Utilization on Wednesday, Initial Jobless Claims, Housing Starts, Building Permits, the Current Account Balance, and the Philadelphia Fed on Thursday, and Michigan Sentiment and Leading Economic Indicators 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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