Gold News

Gold Ends Week 1.5% Lower, Stocks Lose 4%, Silver Drops 8% and Miners Lose 9%

From Chris Mullen at

The Gold Price saw slight gains in Asia on Friday, but then fell back off for most of the rest of trade and ended near its late session low of $1034.80 with a loss of 0.6% on the day.

For the week, Gold Prices vs. the Dollar lost 1.5%. The Gold Price in Euros held at €705 an ounce.

Silver followed a similar pattern to Gold and ended near its low on Friday of $16.13 per ounce with a loss of 2.3%, down more than 8% for the week.

Oil fell as the US Dollar index and Treasury bonds rose. The Dow, Nasdaq, and S&P dropped over 2.5% on poor economic data.

For the week, the S&P 500 dropped 4% and the tech-heavy Nasdaq lost 5%.

Both gold and silver recovered a little in after-hours "access" trade. Platinum lost $10 on Friday to $1320 an ounce. Copper fell over 7 cents to about $2.95.

Gold Mining and silver equities sank about 6% by mid-afternoon in New York, but they then stormed back higher in the last couple of hours of trade and ended with only about 3% losses.

For the week, however, silver and Gold Mining equities dropped more than 9% of their value on average despite decent third-quarter results from the major producers.

New US data showed Personal Income holding flat in the third-quarter, while Personal Spending fell 0.5%. Employment Costs per head rose 0.4%.

The Chicago PMI and Michigan Sentiment indices came in better-than-expected. Next week's US economic highlights include Construction Spending, the ISM Index, and pending Home Sales on Monday; Factory Orders on Tuesday; ADP Employment, ISM Services, and the Federal Reserve's monetary policy decision on Wednesday; Productivity and Initial Jobless Claims on Thursday; and Wholesale Inventories, Consumer Credit, and October’s jobs data 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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