Gold News

Gold Price Adds 1% on the Week as Silver, Crude Oil & Stocks Fall

From Chris Mullen at

The Gold Price fell as much as $10.65 to $1222.15 on Friday morning in London, but it then rallied back higher in the last few hours of US trade and ended with a loss of just 0.5% on the day.

Gold priced in Euros rose to €966 an ounce, while the US Dollar index rose after Axel Weber, a senior European Central Bank official, said liquidity is likely to remain freely available to Eurozone banks at low rates.

Oil fell, ending the week almost 2.6% lower, and Treasury bonds rose on persistent worries about that economy that sent the Dow, Nasdaq, and S&P roughly 1% lower in morning trade.

An afternoon rally in the major indices left stocks mixed on the day while bonds reversed course and ended lower.

Silver dropped all the way to $17.82 before it also bounced back higher in late trade, but it still ended with a loss of 1.9% for the session.

Platinum lost $13 to $1507, and copper fell a few cents to about $3.29.

Gold Mining and silver equities fell over 2% at the New York open, before they rallied back higher for most of the rest of the day, but they still ended with slight losses.

From the previous Friday, the Gold Price added 1.0% to finish at a 9-week closing high. Silver lost 0.6%, while the broad S&P500 index of US stocks slipped 0.7% to a one-month low.

Gold Mining stocks added 3.3% for the week.

There were no major economic reports on Friday. Next week brings Existing US Home Sales on Tuesday, Durable Goods Orders and New Home Sales on Wednesday, Initial Jobless Claims on Thursday, and GDP and Michigan Sentiment 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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