Gold News

Gold Recovers Friday Dip, Silver Hits 30-Month High, as Stocks Rise, Treasuries Fall with Dollar

From Chris Mullen at GoldSeek.com...

Gold climbed as high as $1253.85 an ounce in London on Friday, before it fell all the way to $1238.04 in early New York trade after August's US jobs report was better than expected.

The Bureau of Labor Studies' new business "net birth/death adjustment" added 115,000 jobs to August’s payrolls figures. Private payrolls rose 67,000.

The Gold Price rallied back for the rest of US trade and ended with a loss of just 0.2% on the day, some 1.0% up on the week.

The Gold Price in Euros fell to about €969 an ounce.

Silver fell Friday to as low as $19.41 an ounce by 09:00 in New York, but it then stormed to a 30-month high of $19.91 by midday.

Silver Prices ended the day with a gain of 1.7%, up 4.25% on the week. Silver's previous multi-year high of $20.64 was achieved on March 5th 2008.

Platinum gained $7 per ounce on Friday to close at $1552.50, and copper remained at about $3.49.

Gold Mining and silver equities fell over 1% by midmorning, but they then rallied back higher for most of the rest of the day and ended near unchanged, just about flat for the week.

Crude oil prices fell on easing worries over downgraded storms in the Gulf of Mexico.

The US Dollar index and Treasury bonds fell on the jobs data, while the S&P and Nasdaq stock indexes added more than 1.3%, closing the week 3.7% higher. 

Next week's economic highlights include the Fed's Beige Book and Consumer Credit on Wednesday, Initial Jobless Claims and the Trade Balance on Thursday, and Wholesale Inventories 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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