Gold & Silver End Friday 1.1% Higher, Cut Weekly Losses as US Growth Revised Lower
From Chris Mullen at GoldSeek.com...
Gold rose in Asia and London on Friday to see a gain of $7.35 at $1099.85 by 8:00am EST, but the Gold Price then fell to $1091.15 an ounce over the next two hours.
The Gold Price shot to a new session high of $1106.02 by late morning and closed with a gain of 1.1% for the day, cutting its weekly loss to 0.3%.
The Gold Price in Euros rose to €824 an ounce, adding 0.9% from the previous Friday.
Silver climbed 24 cents to $16.92 in London on Friday before it fell to see a 3 cent loss at $16.65 in early New York trade.
The Silver Price then rose to a new session high of $16.95 by late morning and matched gold's daily gain of 1.1%, losing 0.8% for the week.
Platinum lost $9 to $1594, and copper gained a couple of cents to about $3.39.
Gold Mining and silver equities rose more than 2% by late morning before they fell back off a bit in afternoon trade and saw only about 1% gains by a little before 14:00 EST, but they then rallied back higher in the last couple of hours of trade and ended with roughly 2% gains on the day, down 2.5% for the week
Oil climbed higher in early trade on geopolitical worries, but it then fell back off and ended back at $80 a barrel after it was claimed that the sinking of a South Korean ship was not caused by an attack, but likely by an internal explosion.
The US Dollar index fell as the Euro rose on news that Eurozone leaders agreed on a safety net for Greece.
Treasuries rose – but still ended the week 3% lower – as the Dow, Nasdaq, and S&P failed to hold on to their early gains in reaction to news of Greece's aid package.
The S&P 500 closed the week 0.5% higher.
New US data meantime cut fourth-quarter 2009 growth to 5.6% annualized from the initial and second estimates of 5.9%. Domestic-price inflation was revised higher to 2.0% annually.
Next week's US economic highlights include Personal Income and Spending and Core PCE Prices on Monday, the Case-Shiller 20-city Index and Consumer Confidence on Tuesday, ADP Employment, Chicago PMI, and Factory Orders on Wednesday, Initial Jobless Claims, Construction Spending, and the ISM Index on Thursday, and March’s jobs data on Friday.
Bullion as well as silver and Gold Futures markets will be closed in both London and New York on Friday in observance of Good Friday.