Gold News

Gold Ends Week 2% Down with Stocks, Miners Drop 8%

From Chris Mullen at

Gold fell in London on Friday to see an almost 1% loss as low as $907.50 an ounce, but it then chopped its way higher for most of US trade and ended with a loss of just 0.4% for the day.

Down nearly 2% on the week, the Gold Price also fell in Euros, down to €654.

Oil fell back below $60 a barrel and the US Dollar index and Treasury bonds rose while the Dow, Nasdaq, and S&P fell throughout most of trade – ending the week some 2% lower – on renewed worries over the economy and poor earnings reports after Michigan Sentiment came in much worse than expected.

Silver fell as low as $12.52 by late morning in New York on Friday, before rebounding in the last couple of hours of trade, but it still ended with a loss of 2.4% for the day and 5.7% for the week.

Platinum lost $5 Friday to $1101 an ounce, and copper fell a few cents to about $2.20.

Gold Mining and silver equities fell about 2% at the New York open before they rallied, fell back and then climbed again to end only slightly lower on the day, down some 8% for the week.

US import prices showed a sharp rise for June, up 3.2% from the same month last year.

America's trade deficit shrank in May, new data also showed, dropping to $26 billion from the $30bn expected.

Next week’s US data highlights include the Treasury Budget on Monday; Producer Price inflation, Retail Sales, and Business Inventories on Tuesday; Consumer Price inflation, Empire Manufacturing, Capacity Utilization, Industrial Production, Business Inventories, and the latest Federal Reserve minutes on Wednesday; Initial Jobless Claims, the Philadelphia Fed's index, plus Treasury-bond and US investment flows on Thursday; and Building Permits and Housing Starts 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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