Gold News

Gold & Silver Prices Slip, Stocks Rise as US Trade Deficit Falls, Treasury Deficit Jumps

From Chris Mullen at

Gold Prices remained near unchanged in Asia and London on Friday before falling almost $20 per ounce in early New York trade.

Dropping as low as $1372.15 shortly after 10:00 EST, the Gold Price then rallied back higher in the last few hours of trade and ended with a loss of just 0.6%, some 1.5% lower for the week.

The Gold Price in Euros fell to €1046.

Silver Prices fell as low as $28.03 per ounce before it also rallied back higher and ended with a loss of just 0.5% on the day, down 1.8% on the week vs. the Dollar.

Platinum lost $5.25 to $1670, and copper gained over 2 cents to about $4.11.

Gold Mining and silver equities saw slight losses for most of the morning, but they then climbed back to about unchanged by midday and ended with modest gains on the day, down 1.9% on the week.

Crude oil fell, dropping 1.6% for the week, on worries over a Chinese rate hike this weekend.

The US Dollar index and Treasuries waffled near unchanged on mixed economic data that sent the Dow, Nasdaq, and S&P modestly higher. The broad US stock market added 1.3% for the week.

New data showed Oct.'s US Trade Deficit falling to $36 billion from Sept.'s $44bn. Both import and export prices rose faster than analysts expected.

The Treasury's spending deficit jumped to $150bn last month from $120bn in Oct.

Next week’s economic highlights include US Produce Price Inflation, Retail Sales, Business Inventories, and the Federal Reserve's latest monetary policy decision on Tuesday; MBA Mortgage Applications, Consumer Price Inflation, the Empire Manufacturing Survey, Net Long-Term TIC Flows, Industrial Production, Capacity Utilization, and the NAHB Housing Market Index on Wednesday; Initial Jobless Claims, Housing Starts, Building Permits, the Current Account Balance, and the Philadelphia Fed survey on Thursday; and Leading Economic Indicators 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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