Gold News

Gold Prices Drop 4.6% from Record Weekly Close, Crude Oil Loses 15%, Silver Drops 26%

From Chris Mullen at

Gold Prices traded mostly higher in Asia and London on Friday before falling $5.70 to $1475.70 per ounce by 08:30 EST.
The Gold Price then rallied back higher in New York and ended near its late morning high of $1498.19 with a gain of 0.7%.

Euro gold rose to about €1037 per ounce after rumors surfaced that Greece may leave the Euro, but those rumors have since been categorically denied.

Silver meanwhile fell to $33.17 a little after 8am in New York before it also rallied back higher and saw a slight gain at $36.43 by late morning. But silver then fell back off in the last couple of hours of trade and ended with a loss of 2.3%.

Oil fell and treasuries rose on worries over Europe.

The US Dollar index rose on a better than expected US jobs report that also sent the Dow, Nasdaq, and S&P higher.

For the week, Gold Prices lost 4.6% from the previous Friday's record-high weekly close, silver lost 26.1%, crude oil lost 14.7%, and US stock markets dropped some 1.5%.

Platinum gained $13.20 on Friday to $1780.70, and copper fell a couple of cents to about $3.96.

Gold Mining and silver equities rose about 2% by midmorning before they fell back off a bit midday, but they still ended with slight gains to cap the week's losses below 10%.

New data showed Non-Farm Payrolls in the United States expanding by 244,000 last month, much faster than analysts forecast. The Bureau of Labor Studies' net birth/death adjustment for business start-ups added 175,000 payrolls to April’s data.  Private payrolls rose 268,000.

Average earnings rose just 0.1%. The unemployment rate rose to 9.0%.

New consumer credit swelled by $60 billion in April.

Next week's economic highlights include Export and Import Prices and Wholesale Inventories on Tuesday, the Trade Balance and the Treasury Budget on Wednesday, Initial Jobless Claims, PPI, Retail Sales, and Business Inventories on Thursday, and CPI and Michigan Sentiment 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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