Gold News

Gold Price Ends Week 0.9% Higher vs. Surging Dollar, Adds 4.0% vs. Euro, as Stocks & Silver Fall

From Chris Mullen at
Gold Futures opened Friday's New York trade more than $20 per ounce below Wednesday's pre-Thanksgiving close, dropping as low as $1351.33 in early trade.
Crude oil fell as the US Dollar index and Treasury bonds rose on continued worries over European debt that sent the Dow, Nasdaq, and S&P lower again.
Silver Prices dropped over a dollar to trade as low as $26.45 per ounce, before both precious metals rallied back higher into the close. Gold still ended with a loss of 0.6% on the day and silver closed with a loss of 3.0%.
The Gold Price in Euros rose over €1031 an ounce, some 4.0% up for the week.
Platinum meantime lost $12 to $1640.50, and copper fell slightly to about $3.75.
Gold Mining and silver equities fell almost 2% at the open and remained near their lows into Friday's close.
For the week, the Gold Price in Dollars rose 0.9%, Silver Bullion lost 1.5%, Gold Mining stocks fell 1.2%, and the Dow Jones Industrial Average dropped 1.0%.
Crude oil rose 2.8%, even as the US Doller Index - against a trade-weighted basket of competing currencies - added 2.5%.
There were no major US economic reports. Next week’s economic highlights include the Case-Shiller 20-city Index, Chicago PMI, and Consumer Confidence on Tuesday; ADP Employment, Productivity, Unit Labor Costs, the ISM Index, Construction Spending, and the Fed’s Beige Book on Wednesday; Initial Jobless Claims and Pending Home Sales on Thursday; and November’s US jobs data, ISM Services, and Factory Orders 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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