Gold News

Gold Ends the Week 0.4% Lower, Stocks Fall with Crude Oil

From Chris Mullen at GoldSeek.com...

Gold remained near unchanged in Asia on Friday and turned slightly higher in London before it fell back near unchanged in late morning New York trade.

The Gold Price then spiked as high as $938.65 by about noon EST, but it fell back off into the close and ended with a gain of just 0.2% for the session, and 0.4% lower for the week.

The Gold Price in Euros remained at about €669.

Silver jumped over 1% higher at Friday's New York opening, but it then fell to its session low of $14.12 in the last couple of hours of trade and ended unchanged on the day.

For the week, silver shed 4.5%.

Platinum meantime gained $8.50 to $1209, and copper fell a couple of cents to about $2.25. Gold Mining and silver equities rose about 4% midday before they fell back off a bit in the last four hours of trade, but they still ended roughly 3% higher on the day, with around 3.0% losses for the week.

Oil fell on worries over sustained demand, but the US Dollar index also fell as traders opted for higher-yielding assets.

Treasury bonds saw slight gains as traders prepared for the coming week's Federal Reserve interest-rate decision and statement, plus record-high issuance of new government debt.

The Dow, Nasdaq, and S&P traded mixed and near unchanged on Friday with little news to react to. The major indices closed the week with near-3% losses.

There were no major economic reports Friday. The coming week brings Existing Home Sales on Tuesday, Durable Goods Orders, New Home Sales, and the Fed's Open Market Committee decision on Wednesday.

Initial Jobless Claims and GDP follow on Thursday, with US Personal Income and Spending and the Michigan Sentiment report 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.

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