Gold News

Gold Ends Friday at New Weekly High, Silver Falls as Stocks Slip on Poor Q3 Earnings

From Chris Mullen at

Gold fell as much as $6.80 to $1042.70 by the New York opening on Friday, before rising to see a $7 gain on the day at $1056.50 an ounce.

Gold then fell back off into the close, ending the session with a gain of just 0.1% and a rise of 0.2% from the previous Friday at a new all-time weekly closing high.

The Gold Price in Euros rose to €705 an ounce on Friday, down 1.2% for the week.

Silver meantime fell to $17.18 and rose to $17.53 in New York on Friday, before it also fell back off in the last couple of hours of trade, ending unchanged on the day.

For the week, silver was down 1.4%.

Gold Mining and silver equities fell about 1% at the open and rose about 1% midday before they fell back off a bit in afternoon trade, but they still ended with slight gains.

Oil rose in late trade and ended at a new high for 2009 after a stronger-than-expected US Industrial Production report.

Capacity Utilization in Sept. rose to 70.5%. August's net US investment flows were just below forecasts at almost twice July's level. This month's Michigan Sentiment Index came in well below analysts' consensus expectations.

The US Dollar index and Treasury bonds both rose, while the Dow, Nasdaq, and S&P fell on poor third-quarter earnings reports.

Next week’s US economic highlights include Building Permits, Housing Starts, and PPI on Tuesday; the Fed’s Beige Book of analysis on Wednesday; Initial Jobless Claims, Leading Economic Indicators, and the FHFA Housing Price Index on Thursday; and Existing Home Sales 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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