Gold News

Gold Prices Rise 0.9% to New Dollar Record as Euro Slips, Silver Price Ends the Week 4.8% Higher

From Chris Mullen at GoldSeek.com...

Gold Prices traded mostly higher in Asia and London on Friday, before accelerating in late morning New York trade and ending near a new all-time high of $1487.30 with a gain of 0.9% for both the day and the week.

Silver Prices soared to a new 31-year high of $42.85 and ended with a gain of 2.0% on the day, some 4.8% higher against the Dollar for the week.

The Gold Price in Euros rose to a 5-week high of €1029 per ounce.

Platinum gained $0.80 to $1788, and copper fell a few cents to about $4.25.

Gold Mining and silver equities waffled near unchanged and ended slightly lower.

Oil rose on better than expected economic data, as did the Dow, Nasdaq, and S&P. For the week, however, the major US stock indices lost 0.6%.

The US Dollar index rose as the Euro fell following Thursday's comments from a German minister about seeking a voluntary restructuring of Greece's debt.

Treasuries rose on worries over debt problems in Europe.

Industrial Production, Michigan Sentiment and the Empire Manufacturing index were all stronger than analysts forecast. US Consumer Price Inflation held steady at 0.5% month-on-month for March, with so-called Core CPI – whcih strips out volatile fuel and food prices – slipping to 0.1%.

Long-term investment flows to the United States slowed in Feb. from Jan., bringing $27bn of foreign money.

Next week's US economic highlights include the NAHB Housing Market Index on Monday, Housing Starts and Building Permits on Tuesday, Existing Home Sales on Wednesday, and Initial Jobless Claims, the Philadelphia Fed, Leading Indicators, and the FHFA Housing Price Index on Thursday.

London and New York markets will be closed on Friday in observance of Good 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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