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Gold Ends Week 3% Higher with Stocks, Hits Fresh Euro Records as Oil Nears $80 per Barrel

From Chris Mullen at

Gold Prices fell as much as $16.95 to $1100.85 in Asia on Friday, before rallying back throughout most of trade in London and New York.

The Gold Price ended near its late-session high of $1126.60 with a gain of 0.4% on the day. For the week, gold priced in Dollars added 3.1%, around the same as the major US stock indices.

The Gold Price in Euros rose to a new all-time high above €826 an ounce.

The US Dollar index erased a good deal of its overnight gains on Friday, but still ended higher on the Fed's move to raise its "discount" interest rate on emergency bank lending.

Treasuries ended modestly higher. Crude oil climbed near $80 a barrel on worries over Iran's nuclear program and France's refinery strikes.
Silver dropped $0.27 on Friday to $15.75 an ounce, before it also rallied back higher and ended near its late session high of $16.485 with a gain of 2.3%, well over 6% better for the week.
Platinum gained $13.50 to $1531, and copper gained another 7 cents to about $3.36.

Gold Mining and silver equities fell almost 2% in the fist half hour of trade before they rallied back higher to see slight gains by early afternoon, but they then fell back off a bit in the last couple of hours of trade and ended almost 1% lower.

New US data showed Consumer Prices rising less quickly in Jan. than analysts forecast on the official measure. Core prices slipped 0.1% from Dec.

Next week's economic highlights include the Case-Shiller 20-city Index and Consumer Confidence on Tuesday, New Home Sales on Wednesday, Initial Jobless Claims, Durable Goods Orders, and the FHFA Housing Price Index on Thursday, and GDP, Chicago PMI, Michigan Sentiment, 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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