Gold News

Gold Ends Easter Week 1% Higher, Silver Jumps 8%

From Chris Mullen at GoldSeek.com...

Gold Prices climbed to a new all-time high of $1509.01 in London on Thursday, before falling back to $1500.20 at around 09:00 EST. 

Gold Prices then rallied back higher into the close and ended with a gain of 0.3% on the day, some 1% up for Easter week.

The Gold Price in Euros fell to about €1032 per ounce, unchanged on the week.

Silver Prices surged to a new 31-year high of $46.34 in the last half hour of New York trade and ended with a gain of 3.2% on the day, up 8% for the week.

Platinum gained $19 to $1810.50, and copper gained 6 cents to about $4.40.

Gold Mining and silver equities rose about 1% in the first half hour of trade and remained near that level for the rest of the day.

Crude oil edged higher as the US Dollar index fell to its lowest since mid-2008.

Treasury bonds fell back after a record sale of $14 billion in new five-year inflation-indexed securities, which drew a negative yield - suggesting stronger inflation expectations amongst buyers - for a second straight offering.

The Dow, Nasdaq, and S&P rose on another batch of strong earnings reports.

New US data meantime showed a drop in house prices, larger than foreast Initial Jobless Claims for last week, plus a weak reading on the Phily Fed index.

Next week's economic highlights include New Home Sales on Monday, the Case-Shiller 20-city Index and Consumer Confidence on Tuesday, Durable Goods Orders and a FOMC Rate Decision on Wednesday, GDP, Initial Jobless Claims, and Pending Home Sales on Thursday, and Personal Income and Spending, Core PCE Prices, the Employment Cost Index, Chicago PMI, and Michigan Sentiment on Friday.

PLEASE NOTE:
Both US and UK markets are closed Friday. London's Gold Bullion market re-opens Tuesday. You can continue to buy and sell physical metal, live online throughout the weekend at BullionVault.

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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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