Gold News

Gold Price Ends the Week 1.1% Higher Even as Dollar Rises Sharply; US Stocks Slip, Oil Gains

From Chris Mullen at

The Gold Price climbed higher throughout most of world trade on Friday and ended just slightly off its intraday high of $920.15 with a gain 1.30% and just $8.70 away from setting a new record closing high.

For the week, Gold gained 1.1% for its 18th rise in the last 24 weeks.

Silver rose to as high as $17.165 before it came back off a few cents in the last half hour of trade, but it still made a new 27-year closing high with a gain of 2.21%.

The Gold Price in Euros rose to a new record closing high near €633 after climbing near to €635 earlier in the session, while the US Dollar index fell after a report the Opec, the oil cartel, may start pricing crude in Euros and abandon the Dollar.

But the Dollar's dip was short-lived, allowing it to put in its best weekly performance since June 2006.

Platinum gained $37 to $1871 to a new record high, palladium gained $16 to $436, and copper gained over 5 cents to about $3.49. Gold and silver equities rose over 3.5% by late morning and remained near their highs into the close.

Treasury bonds meantime rose on fresh worries over a recession and further problems in the financial sector. The Dow and S&P fell on mostly poor earnings reports and economic worries while the Nasdaq found slight gains.

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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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