Gold News

Gold Adds 2%, Silver Adds 4.9% for the Week, as US Posts $1.2 Trillion Deficit

From Chris Mullen at

Gold Prices jumped to $1385.20 an ounce just ahead of New York opening on Friday, falling as low as $1362.45 at around 10:30 EST, but then climbing back higher into the close and ended with a loss of just 0.4% on the day.

For the week, the Gold Price in Dollars added 2.0%, finishing at a new record-high weekly close.

Euro Gold Prices remained at about €979 on Friday, rising by 1.0% per ounce on the week.

The Silver Price fell as low as $24.06 by mid-morning in New York, before also rallying back higher and ended with a loss of 0.7% on the day, over 4.9% higher from the previous Friday's finish.

Platinum lost $14.25 to $1687.50, and copper gained a couple of cents to about $3.83.

Gold Mining and silver equities fell almost 2% by mid-morning on Friday, and remained near that level for most of the rest of trade, adding some 0.6% to the XAU index for the week.

Oil fell with Treasuries as the US Dollar index rose on stronger economic data and comments from Fed chairman Ben Bernanke.

Bernanke said additional monetary stimulus may be warranted as inflation remains too low and unemployment too high.

New data showed core consumer prices holding flat in September from August, while Retail Sales rose faster than analysts forecast.

The New York Fed's Manufacturing Survey showed faster-than-expected growth, while increases in business inventories slowed in August to 0.6% from July's 1.1% pace.

The Treasury Department meantime posted its second annual budget deficit in excess of $1 trillion in succession, with the shortfall between tax receipts and spending totaling $1.294 trillion in the fiscal year ended Sept. 30.

The Dow fell on banking worries, while the Nasdaq rose on a strong quarterly report from Google.

Next week's US economic highlights include Net Long-Term investment flows, Industrial Production, Capacity Utilization, and the NAHB Housing Market Index on Monday; Housing Starts and Building Permits on Tuesday; MBA Mortgage Applications and the Fed's Beige Book on Wednesday; and Initial Jobless Claims, 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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