Gold News

Gold Ends Week 1.6% Higher, Silver Gains 3%, as Stocks Fall with Dollar

From Chris Mullen at

Dollar Gold Prices rose to a new all-time high of $1320.37 a little after 10:00 in New York on Friday, falling back off a bit into the close but it still ending with a gain of 0.7% at a new all-time closing high.

For the week, the Gold Price in Dollars rose 1.6%. Versus the Euro, gold slipped 0.4% from the previous Friday's finish, down to €957 per ounce.

Silver climbed to a new 30-year high of $22.14 per ounce, before it also fell back off but it still ended with a gain of 1.2% on the day, nearly 3% up on the week.

Platinum gained $22.70 to $1675.20 on Friday, and copper gained almost 4 cents to about $3.68.

Gold Mining and silver equities rose over 1% in the first hour of trade before they pared their gains a bit into the close, but they still ended decently higher on the week, up some 1.9% on the HUI index.

Oil rose while the US Dollar index and treasuries fell on decent economic data and a dovish fed speech that sent the Dow, Nasdaq, and S&P modestly higher for the day, but they held 0.4% down on the week.

New data showed US Personal Incomes and Spending both rising faster-than-forecast in August. Business sentiment and Construction Spending also improved.

Next week's US economic highlights include Factory Orders and Pending Home Sales on Monday; ISM Services on Tuesday; ADP Employment on Wednesday; Initial Jobless Claims and Consumer Credit on Thursday; and Wholesale Inventories and September's official Non-Farm Payrolls data 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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