Gold News

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

From Chris Mullen at GoldSeek.com...

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.

See the full archive of Chris Mullen articles

 

Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News.

Follow Us

Facebook Youtube Twitter LinkedIn

 

 

Market Fundamentals