Gold News

Gold Cuts Weekly Gain to 0.5% vs. US Dollar, Adds 2.3% vs. Euro

From Chris Mullen at

Gold Prices fell $7.10 to $1120.50 in London on Friday before rallying back near unchanged in early New York trade.

The Gold Price then fell off markedly for the rest of New York dealing, ending $6.20 off its early afternoon low of $1101.20 with a loss of 1.8%, cutting the week's gain vs. the Dollar to 0.5%.

Crude oil fell back near $80 a barrel as the US Dollar index rose again on uncertainty over Greece that sent the Euro lower.

The Gold Price in Euros fell to about €818, higher by 2.3% from the Friday before, and closed the week 1.9% stronger against the British Pound. 

Treasuries rose as the Dow, Nasdaq, and S&P fell on worries over Greece, health care, and poor company reports, cutting the stock market's week-on-week gains to 0.7%.

Silver fell a little over 1% to $17.227 in London before it also rallied back near unchanged in early New York trade, but silver fell to a new session low of $19.97 at around noon and ended with loss of 2.5% on the day, unchanged for the week.

Platinum lost $13 to $1609.50, and copper fell slightly to about $3.38.

Gold Mining and silver equities fell over 2% by late morning before they bounced back higher in afternoon trade, but they still ended with more than 1.5% losses.

Next week’s US economic data releases include Existing Home Sales and the FHFA Home Price Index on Tuesday, Durable Goods Orders and New Home Sales on Wednesday, Initial Jobless Claims on Thursday, and GDP 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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