Gold News

Gold Price Ends the Week 2.9% Higher as Dollar Falls for 4th Session; Stocks Fall for 4th Month Running

From Chris Mullen at

Gold Prices rose Friday to a new all-time high of $975.90 by late trade in Asia before dropping in London and then rallying late in New York to close the week more than 2.9% higher.

Silver set a new 27-year high, meantime, while the Gold Price in Euros rose to €640, the Gold Price in Sterling hit a new record high of £490 per ounce, platinum gained $25.50 to a new record high of $2158, and copper fell a couple of cents to about $2.85.

Gold and silver equities fell roughly 3% from Thursday’s record highs, despite nearly 1% gains in gold and silver as the major indices plummeted over 2% and dragged everything lower.

Crude oil fell about 1% in low volume as economic worries overcame supply concerns, while the US Dollar index fell to a new record low for the fourth straight session after yet another round of more poor economic data – led by a rise in US inflation but a slip in the rate of income growth – raised fresh recession fears.

Treasuries found substantial gains as the Dow, Nasdaq, and S&P fell markedly. The broader stock indices ended Feb. lower for the fourth straight month.

Next week’s economic highlights include US Construction Spending and the ISM Index on Monday, ADP Employment, Productivity, Factory Orders, ISM Services, and the fed’s Beige book on Wednesday, Initial Jobless Claims and Pending Home Sales on Thursday, and February’s jobs data and Consumer Credit on Friday.

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Adrian Ash

Adrian Ash, BullionVault Gold News

Adrian Ash is director of research at BullionVault, the world-leading physical gold, silver and platinum market for private investors online. Formerly head of editorial at London's top publisher of private-investment advice, he was City correspondent for The Daily Reckoning from 2003 to 2008, and he has now been researching and writing daily analysis of precious metals and the wider financial markets for over 20 years. A frequent guest on BBC radio and television, Adrian is regularly quoted by the Financial Times, MarketWatch and many other respected news outlets, and his views from inside the bullion market have been sought by the Economist magazine, CNBC, Bloomberg, Germany's Handelsblatt and FAZ, plus Italy's Il Sole 24 Ore.

See the full archive of Adrian Ash articles on GoldNews.

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