Gold News

Gold & Silver End Week 3% Lower as US Sentiment Jumps

From Chris Mullen at GoldSeek.com...

Gold fell as much as $10.60 to $880.15 by late trade in Asia on Friday, before it crawled back higher in London and morning New York trade to spike up within a dollar of unchanged at $889.80 an ounce.

The Gold Price then fell back off in the last hour and ended with a loss of 0.4% for the day.

Gold Bullion lost 2.8% for the week against the Dollar. The Gold Price in Euros lost 3% to €668 an ounce.

Silver fell as much as 35 cents to $12.04 by midday Friday in London, but it then steadily climbed back higher for most of trade in New York and ended near its session high of $12.617 with a gain of 0.9% for the session.

For the week, silver prices dropped 3%, while platinum fell $1088, and copper gained nearly 5 cents Friday to $2.10.

Gold Mining and silver equities slightly lower on Friday, but they then slowly climbed back higher for most of the rest of trade and ended with slight gains on the day, standing 4% lower from last week.

Oil rose back above $53 as decent economic data raised hopes for improving energy demand. The US Dollar index and Treasury bonds fell as traders put some cash to work.

The Dow, Nasdaq, and S&P were mixed and ended only slightly higher for the day – up 1.5% for the week – as lackluster earnings reports offset mostly better than expected economic data, led by a surge in the Michigan Sentiment Index from 61.9 to 65.1 – the best reading since before Lehman Bros. collapsed last Sept.

Next week's US economic highlights include Construction Spending and Pending Home Sales on Monday, ISM Services on Tuesday, ADP Employment on Wednesday, Initial Jobless Claims, Productivity, Unit Labor Costs, and Consumer Credit on Thursday, and Wholesale Inventories and April’s jobs data on Friday. Official results of the recent bank stress tests will also be revealed late Thursday afternoon.

The wholesale London gold market will be closed Monday for May Bank Holiday. Trading continues as usual at BullionVault.

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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