Gold News

Gold Prices Gain, Silver Up As Dollar Falls After Poor Housing News

From Chris Mullen at

Gold Prices traded slightly higher for the most part in Asia and London on Friday, before accelerating higher in New York and ending near its late session high of $1538.37 with a gain of 0.89%.  

Silver Prices surged to as high as $38.18 by midmorning in New York before they fell back off a bit into the close, but they still ended with a gain of 1.42%.

Euro Gold Prices remained at about €1078. 

Gold Mining and silver equities rose about 1.5% at the open and remained near that level for the rest of the day.

Platinum gained $24.50 to $1795.00, and copper gained another 7 cents to about $4.18.

Oil ended slightly higher Friday on worries over fighting in Libya and anti-government protests throughout the Middle East.

The US Dollar fell on more poor housing data that suggests the Fed may hold off longer before raising interest rates.

US Treasuries fell as the Dow, Nasdaq, and S&P rose on the better than expected consumer confidence reading.

Among the big names making news in the market Friday were Google, EBay, PayPal, CVS, and Medco.

This week's economic highlights include the Case-Shiller 20-city Index, Chicago PMI, and Consumer Confidence on Tuesday, ADP Employment, Construction Spending, and the ISM Index on Wednesday, Initial Jobless Claims, Productivity, Unit Labor Costs, and Factory Orders on Thursday, and May's jobs data and ISM Services 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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