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Gold Prices Slip 0.8% on Week, US Stocks Drop Up to 3%, as Euro Falls with Crude Oil, T-Bonds Rise

From Chris Mullen at

Gold Prices remained near unchanged in Asia and London on Friday before dropping in early New York trade to trade as low as $1525.79 per ounce a little after 10:00.

Gold then rallied back higher at midday, but fell back off again in late trade and ended with a loss of 0.8%, both for the day and on the week.

Treasury bonds rose as the Dow, Nasdaq, and S&P fell on concerns over weak economic growth and sovereign debt, finishing the week up to 3% lower from the previous Friday.

Crude oil fell as the US Dollar index rose on renewed worries over Greece that sent the euro lower. 

Euro Gold Prices rose to about €1065 per ounce.

The Silver Price fell as low as $36.22 per ounce in the last minutes of New York trade and ended with a loss of 2.7% on Friday, some 0.5% up on the week.

Friday saw platinum lost $11.50 to $1826, and copper fell over 5 cents to about $4.05.

Gold Mining and silver equities fell over 2% by midmorning before they rallied back higher midday, but they still ended with over 1% losses, dropping some 5% for the week.

Next week’s US economic highlights include Retail Sales, PPI, and Business Inventories on Tuesday, CPI, Empire Manufacturing, Net Long-Term TIC Flows, Industrial Production, and Capacity Utilization on Wednesday, Initial Jobless Claims, Housing Starts, Building Permits, the Current Account Balance, and the Philadelphia Fed on Thursday, and Michigan Sentiment and Leading Economic Indicators 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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