Gold News

Gold Ends Week 3% Higher at Two-Month High - But Only in Dollars - as US Bonds Fall

From Chris Mullen at GoldSeek.com...

The Gold Price remained unchanged in Asia on Friday, climbing higher in London and reaching new 2-month highs at $961.50 in early New York trade, before it fell off into the close, but still ended with a gain of 0.8% for the session.

For the week, the Gold Price added 3.0% in Dollars, but against the Euro it slipped almost 1% to €683 an ounce as the Dollar fell on the currency markets.

Oil climbed and Treasuries fell – ending the week 3% lower – alongside the US Dollar index.

The Dow, Nasdaq, and S&P rebounded for most of trade on decent retailer results that raised hopes over the strength of the economy, but all three indices fell back off in the final minutes of trade, ended slightly lower on cautiousness heading into the long weekend.

For the week, the S&P 500 added 0.5%.

Silver followed a similar pattern to gold on Friday and ended near its session high of $14.81 with a gain of 1.5%, up 4.8% for the week.

Platinum gained $9 per ounce Friday to $1149.50, and copper rose nearly 5 cents to about $2.10.

Gold Mining and silver equities rose about 2% at the open before they fell back off a bit in late trade, but they still ended with over 1% gains to close at new 8- and 9-month highs, adding more than 10% on average for the week.

There were no major US economic reports on Friday.

Next week's highlights include the S&P/CaseShiller Home Price Index and Consumer Confidence on Tuesday, Existing Home Sales on Wednesday, Durable Goods Orders, Initial Jobless Claims, and New Home Sales on Thursday, and GDP, Chicago PMI, and Michigan Sentiment on Friday.

The London gold market is closed Monday for the Whitsun Bank Holiday, and New York is shut for Memorial Day.

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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