Gold News

Gold Ends Week Unchanged, Silver Gains 1.9%, as Stocks Rise with Oil, Dollar Slips

From Chris Mullen at

Gold Prices reversed slight losses in Asia on Friday, and rose as much as $7.77 to $1203.97 by around 8:15am New York time.

But the Gold Price then chopped back lower for most of US trade, and ended near its early afternoon low of $1185.75 with a loss of 0.7%.

For the week, gold was unchanged vs. the Dollar. The Gold Price in Euros fell Friday to €923 an ounce.

Silver Prices ended the week 1.9% higher after climbing Friday $18.26 and dropping back to $18.03 an ounce.

Platinum gained $16.50 to $1538, and copper gained another couple of cents to about $3.18.

Gold Mining and silver equities traded mostly slightly higher on Friday and ended with modest gains, some 3.6% higher for the week on the XAU index.

Crude oil meantime ended slightly lower but remained near two-month highs as traders kept an eye on a developing tropical storm in the Gulf of Mexico.

The US Dollar index fell together with Treasury bonds, as the Dow, Nasdaq, and S&P stock indices rose about 1% in Friday's afternoon trade after European bank stress test results revealed no significant concerns. Only 7 of the 91 banks failed the "test", fewer than analysts expected. News that GE is raising its dividend also encouraged equity bulls.

There were no major US economic reports on Friday. Next week’s data highlights include New US Home Sales on Monday; the Case-Shiller 20-city Index and Consumer Confidence on Tuesday; Durable Goods Orders on Wednesday; Initial Jobless Claims and the Federal Reserve’s Beige Book of analysis on Thursday; and GDP, the Employment Cost Index, Chicago PMI, and Michigan Sentiment on Friday.

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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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