Gold News

Gold Ends Week 1.5% Lower as Stocks Rise on Fresh "Obama Aid"; Job Losses Hit 598,000 for Jan.

From Chris Mullen at

Spot Gold climbed $7.05 to $919.60 early Friday before plunging to $903.78 shortly after the morning's US jobs report was released, showing a loss of almost 600,000 pay-rolls in January.

Gold Bullion then rallied back into the close and ended with a miniscule loss of just 0.03% for the session.

For the week, the Gold Price slipped 1.5%. The Gold Price in Euros slipped from Monday's new record highs at €727 an ounce. Silver added 4.2%.

Oil fell Friday on another round of worse than expected economic data that indicates continued weak demand.

The US Dollar index and Treasuries also fell, while the Dow, Nasdaq, and S&P rose on indications that Obama's stimulus package will be passed soon.

Platinum gained $21.50 on Friday to end at $992, while copper gained over 12 cents to about $1.62.

Gold Mining and silver equities traded just mostly slightly higher in morning trade, but they then steadily climbed higher in afternoon action and ended with over 2% gains on the day.

Next week's economic releases include US Wholesale Inventories on Tuesday, the Trade Balance and Treasury Budget on Wednesday, Initial Jobless Claims, Retail Sales, and Business Inventories on Thursday, and Michigan Sentiment on Friday.

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.

See the full archive of Chris Mullen articles


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