Gold News

Gold Ends Week 2.4% Higher, Silver Adds 6.2% as US Inflation Rises Ahead of QEII Announcement

From Chris Mullen at

Gold fell about 0.5% to $1335.23 in early London trade on Friday, before it jumped up to $1352.62 a little after 08:00 New York time.

Dipping back only to ultimately climb higher in early afternoon trade, the Gold Price in Dollars ended near its late session high of $1359.30 with a gain of 1.1% on the day, some 2.4% higher for the week.

The Gold Price in Euros rose to €975 per ounce, some 2.3% up for the week.

Silver fell to $23.72 in overnight trade before it rallied back higher for most of Friday's trade in London and New York, ending near its late session high of $24.567 with a gain of 2.9% on the day, over 6% higher for the week.

Platinum gained $14.50 to $1698, and copper dropped 5 cents to about $3.73.

Gold Mining and silver equities rose over 1% by late morning and remained near their highs into the close.

Oil and the US Dollar index both fell slightly while Treasuries rose and the Dow, Nasdaq, and S&P waffled near unchanged as traders wait for the Federal Reserve announcement on QEII next week.

New data meantime showed GDP growth in the United States holding at a 2.0% pace in the third quarter, but inflation – as measured by the Chain Deflator – jumped to 2.3% annualized from 1.9% between April and June.

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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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