Gold Price Ends the Week 2.9% Higher as Dollar Falls for 4th Session; Stocks Fall for 4th Month Running
From Chris Mullen at GoldSeek.com...
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.
Time to Buy Gold and secure your wealth in bullion? Make it ultra-secure, simple and cost-effective at BullionVault today...