Gold Price Reverses 2.2% Weekly Loss, Silver Gains 1.4%, as Gold Mining Stocks Match S&P's 5% Rise

From Chris Mullen at GoldSeek.com...

The Gold Price traded near unchanged in Asia and London on Friday, and then surged higher in early morning New York trade before it pared its gains a bit in the last few hours of trade, but it still ended near its midmorning high of $1213.40 with a gain of 1.2%.

For the week, the Gold Price added 75 cents an ounce, reversing a mid-week loss of 2.2%.

Crude oil climbed above $76 a barrel on hopes for improving energy demand on the back of economic growth, as US wholesale inventories showed a 0.5% rise for June from May.

The US Dollar index rose as the Euro pared Thursday’s ECB-driven gains. The Gold Price in Euros rose to about €957 an ounce, down 0.5% for the week.

Treasuries fell as the Dow, Nasdaq, and S&P rose on expectations for positive earnings reports next week, with the major indices all closing over 5% higher from last Friday.

Silver on Friday followed a similar pattern to gold, and ended near its session high of $18.20 with a gain of 1.0% on the day, some 1.4% higher for the week.

Platinum gained $15.20 to $1525.20, and copper rose nearly 4 cents to about $3.05.

Gold Mining and silver equities rose over 3% by mid-morning before they pared their gains a bit, but they still ended with over 2% gains on the day, rising more than 5% for the week on the HUI index.

Next week’s US economic highlights include the Trade Balance and Treasury Budget on Tuesday, Retail Sales, Export and Import Prices, Business Inventories, and FOMC Minutes on Wednesday, Initial Jobless Claims, PPI, the Empire Manufacturing Index, Industrial Production, Capacity Utilization, and the Philadelphia Fed on Thursday, and CPI, Net Long Term TIC Flows, and Michigan Sentiment on Friday.

Ready to Buy Gold...?