Gold Price Ends the Week 1.1% Higher Even as Dollar Rises Sharply; US Stocks Slip, Oil Gains
From Chris Mullen at GoldSeek.com...
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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