Gold News

Gold Price Ends Week 1% Lower as Stock Rally Fades

From Chris Mullen at

The Gold Price rose as much as $4.25 to $958.95 in London on Friday but then fell all the way to $942.80 by about noon in New York.

Then the Gold Price rebounded in the last half hour of trade, but it still ended with a loss of 0.8% for the day, down 1.0% for the week in Dollar.

The Gold Price in Euros dropped 0.8% from last Friday's finish to €667.60 an ounce.

Silver rose about 1% to $15.12 in late Asian trade on Friday, and dropped as low as $14.59 midday in New York before it also rebounded into the close. It still ended with a loss of 2.0% on the day, but was unchanged for the week.

Platinum lost $8.50 to $1253 an ounce on Friday, and copper fell over 7 cents to about $2.83.

Gold Mining and silver equities fell nearly 3% by late morning before they rebounded back higher in late trade, but they still ended with about 2% losses on the day.

Crude oil fell while the US Dollar index and Treasury bonds rose on poor economic data that sent the Dow, Nasdaq, and S&P over 1% lower on risk aversion moves, reversing the week's earlier gains.

US Consumer Price inflation came in flat for July as expected, extending the year-on-year deflation in prices. The Michigan Sentiment index fell.

Next week's US economic highlights include Empire Manufacturing and TIC flows on Monday, Building Permits, Housing Starts, and PPI on Tuesday, Initial jobless Claims, Leading Economic Indicators, and the Philadelphia Fed on Thursday, and Existing 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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