Gold Ends Week 6.6% Higher as Stocks Lose 8% to 11-Year Low; UK Gold Price Hits Record Closing High
From Chris Mullen at GoldSeek.com and Adrian Ash at BullionVault...
Physical Gold Bullion prices traded mostly slightly higher in Asia and London on Friday, before soaring higher in New York to end near a 5-week high of $801.10 per ounce, more than 5.7% higher for the day.
For the week, the Gold Price added $43 an ounce, almost 6.6% higher, while the major US stock indices lost 8% and finished at an 11-Year Low on the S&P with the worst weekly close since April 1997.
The Gold Price in Euros jumped 7.6% from last week's finish, ending Friday above €636, and the Gold Price in Sterling added 6.2% to record its highest-ever weekly close.
Silver traded about 1% higher on Friday in Asia and London before it also shot higher, but ended the week 0.5% down at $9.658 an ounce.
Platinum gained $35 to $815.50, and copper remained at about $1.57.
Oil rose and the US Dollar index fell with Treasuries as economic worries eased slightly and encouraged market participants to put cash to work.
The Dow, Nasdaq, and S&P ended over 5% higher in volatile and mixed trade on hopes the economy may start to recover soon and on word that New York Fed governor Timothy Geithner will be named as the next US Treasury Secretary by president-elect Obama.
Gold and silver equities rocketed throughout the day and ended with about 27% gains for the session, up around 12% on average for the week.
There were no major economic reports Friday, but next week's US data highlights include Existing Home Sales on Monday, GDP and Consumer Confidence on Tuesday, Durable Goods Orders, Initial Jobless Claims, Personal Income and Spending, Chicago PMI, Michigan Sentiment, and New Home Sales on Wednesday
Thursday will mark the Thanksgiving holiday.