Gold Ends Week 1.5% Higher, Silver Gains 2.9% as Euro Rallies on Greek Bail-Out, US Housing Data Buoys Stocks

From Chris Mullen at GoldSeek.com...

Gold Prices traded modestly lower in Asia and London on Friday and fell to see a $7.27 loss at $1135.08 an ounce by about 10:00 ET.

The Gold Price then exploded higher in the next hour and half of trade and ended near its late morning high of $1156.65 with a gain of 1.0% on the day, more than 1.5% higher for the week.

The Gold Price in Euros rose within 0.2% of its record high, closing at €863.

Platinum lost $3 to $1731.50, and copper rose a few cents to about $3.52.

Silver fell to $17.832 in early New York trade before it jumped to as high as $18.212 by early afternoon and ended Friday with a gain of 1.0%, almost 2.9% higher for the week.

Gold Mining and silver equities fell over 1% at the open, but they rose to see roughly 1% gains by late morning and remained at about that level for the rest of the day.

Crude oil rose as the US Dollar index and Treasuries fell on Greece's formal request for a bailout from the EU and the IMF that pushed the Euro higher following support for the move by European leaders.

The Dow, Nasdaq, and S&P ended decently higher - some 2.0% better for the week - following better than expected US home sales data.

Next week's economic highlights include the Case-Shiller 20-city Index and Consumer Confidence on Tuesday, the FOMC rate decision on Wednesday, Initial Jobless Claims on Thursday, and GDP, Chicago PMI, and Michigan Sentiment on Friday.

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