Gold News

Gold Adds 1% for the Week, Silver Gains 5%, as Stocks Rally After US Retail Sales Drop

From Chris Mullen at

Gold rose as high as $1228.55 at the start of US trading on Friday, before it fell back to $1220 an hour later.

Gold Prices then climbed for most of the rest of trade and ended near the late session high of $1229.55 with a gain of 0.7% on the day, some 1% up on the week.

The Gold Price in Euros recovered to €1013, down 0.5% from the previous Friday's finish.

Silver climbed as high as $18.52 an ounce as New York dealing began, before it dropped back to as low as $18.05 and then bounced back higher into the close, but it still ended with a loss of 0.3% on the day, almost 5.2% better for the week.
Platinum gained $0.50 to $1529.50, and copper gained 4 cents to about $2.90.

Gold Mining and silver equities traded mostly slightly higher and ended with modest gains.
Crude oil fell back below $75 a barrel as the US Dollar index and Treasuries rose on worse than expected Retail Sales data.

US sales fell 1.2% in May, more than reversing April's rise and defying analyst forecasts for another rise.

That held the Dow, Nasdaq, and S&P stock indices mostly lower for the majority of the day, but all three indices turned higher in the final hour of trade and ended with decent gains, up some 2% for the week.

Next week's economic highlights include Import and Export Prices, the Empire Manufacturing Survey, and New Long Term TIC Flows on Tuesday, Housing Starts, Building Permits, PPI, Capacity Utilization, and Industrial Production on Wednesday, and Initial Jobless Claims, CPI, the Current Account Balance, Leading Economic Indicators, and the Philadelphia Fed on Thursday.

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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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