Gold News

Gold & US Stocks Both Lose 4.2% for the Week, Silver Drops 8%

From Chris Mullen at

Gold Prices fell almost 2% early Friday to $1166.53 in Asian trade before climbing back to see a loss of just $3.18 in London.

The Gold Price then dropped to $1170.50 in mid-morning New York trade, rallying and fading again to end with a loss of 1.0% on the day.
Crude oil meantime fell on worries over slow economic growth and poor energy demand, while the US Dollar index fell after the Euro continued its rebound from Tuesday’s four-year low.
Treasuries cut into early gains as the Dow, Nasdaq, and S&P turned notable early loses into decent gains by the close on easing worries over Europe.
For the week, both the S&P and US-Dollar Gold Prices lost 4.2%. The Gold Price in Euros fell to €936 an ounce.
Silver climbed to $17.80 early Friday, falling in midmorning New York trade before it rallied to a noontime high.
Silver Prices then also fell back off into the close and ended with a loss of 0.6% on the day, down 8.0% for the week.
Platinum lost $2.50 to $1503, and copper rose over 11 cents to abut $3.05.
Gold Mining and silver equities waffled on either side of unchanged for most of the day and ended with slight gains.
There were no major US economic reports on Friday. Next week’s data highlights include Existing Home Sales on Monday; the Case-Shiller 20-city Index, Consumer Confidence, and the FHFA Housing Price Index on Tuesday; Durable Goods Orders and New Home Sales on Wednesday; Initial Jobless Claims and GDP on Thursday; and Personal Income and Spending, Chicago PMI, and Michigan Sentiment 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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