Gold News

Gold & Silver Slip as Stocks Creep Higher, Japanese Yen Slips on Chinese Consumer Data

From Chris Mullen at

Gold waffled on either side of unchanged in Asia and London on Friday, before it fell almost 1% in early New York trade to drop as low as $1236.80 a little before 09:00 ET.

The Gold Price then rebounded to see a slight gain at $1250.45 by late morning, but it ultimately fell back off into the close and ended with a loss of 0.3% on the day, down 0.4% for the week.

The Gold Price in Euros rose 1.6% for the week to close at €983 per ounce.

Silver fell Friday as low as $19.68 before climbing to $20.02 an ounce.

The Silver Price then also fell back off in afternoon New York trade, and ended with a loss of 0.2% at $19.91, down 0.2% for the week.

Platinum lost $11 on Friday to $1537.00, and copper fell another few cents to about $3.40.

Gold Mining and silver equities rose about 1% by late morning before they fell back off a bit in afternoon trade, ending the week more than 1% lower on the HUI index.

Crude oil meantime rose after a pipeline in the mid-west United States was forced to shutdown after a leak.

The US Dollar index saw slight gains as the Japanese Yen fell on strong consumer data from China that reduced demand for the "safe haven" currency.

Treasury bonds fell on stronger-than-expected economic data in the US that sent the stock market modestly higher, with the S&P index closing the week 0.5% stronger.

Wholesale Inventories jumped 1.3% in July, new data showed, compared with 0.3% expansion in June.

Next week's US economic highlights include the Treasury Budget on Monday; Retail Sales and Business Inventories on Tuesday; the NY Fed Manufacturing Survey, Export and Import Prices, Industrial Production, and Capacity Utilization on Wednesday; Initial Jobless Claims, PPI, the Current Account, Net Long Term TIC Flows, and the Philadelphia Fed on Thursday; and CPI 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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