Gold News

Gold Ends Week 0.5% Higher, Silver Up 4%, Oil Slips

From Chris Mullen a

Gold and silver steadily rose in Asia and London on Friday, accelerating their gains in early New York trade before falling off into the close.

The Gold Price still ended near its high of $959.60 with a gain of 1.2% for the day and 0.5% for the week.

Silver ended at $14.86 with a gain of 4.0% for the day, up 4.4% from the previous week's close.

The Gold Price in Euros rose to €667 an ounce.

Platinum gained $7.50 to $1240.50, and copper gained over 7 cents to about $2.92.

Gold Mining and silver equities rose over 2% at the open before they chopped back lower, ending with about 1.5% gains on the day, up some 2% on average for the week.

Oil found slight gains on continued hopes for improving energy demand, but lost 1.5% from last Friday's finish.

The US Dollar index and Treasuries rose while the Dow and S&P fell, cutting their gains for the week to 0.4%. The Nasdaq was able to end with a slight gain on an improved outlook from Intel.

New data showed US Personal Incomes were flat in July after June's 1.1% drop. Analysts had expected a slight bounce. Personal Spending rose 0.2% regardless.

The Michigan Sentiment Index for August beat expectations, rising sharply from last month.

Next week’s economic highlights include Chicago PMI on Monday, Construction Spending and the ISM Index on Tuesday, ADP Employment, Productivity, Factory Orders, and FOMC Minutes on Wednesday, Initial Jobless Claims and ISM Services on Thursday, and August’s jobs data on Friday.

The London gold market is closed on Monday for the August Bank Holiday.

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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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