Gold News

Gold Adds 0.5% for the Week to $1,008 as Stocks, Oil & Euro Gain

From Chris Mullen at

Gold traded mixed in Asia and London on Friday before it rose to see a gain of $5.87 at $1017.57 by 09:30am in New York.

Gold then quickly fell to see a loss of $4.95 at $1006.75 a little after 10:00 EST, but it bounced back into the close, ending the day with a loss of 0.3%.

For the week, Gold added 0.5%. The Gold Price in Euros fell to €685 an ounce.

Oil fell slightly on the day but gained nicely on the week as traders debated geopolitics and the direction of the dollar.

The US Dollar index rose slightly as traders debated about what the Federal Reserve may do at their meeting next week, but the Euro still ended the week some 0.8% higher at fresh 12-month highs.

Treasuries fell as the Dow, Nasdaq, and S&P rose on continued optimism over the future of the economy, adding more than 2% from the previous week's close.

Silver climbed to see a 7 cent gain in Asia on Friday, but it then chopped its way lower for most of London and New York trade, and ended near its low of $16.975 with a loss of 1.0% for the day, up more than 2.1% for the week.

Platinum lost $7 to $1325 an ounce on Friday, and copper fell 11 cents to about $2.77.

Gold Mining and silver equities fell almost 2% by late morning and remained at about that level for the rest of the day, slipping 0.5% in line with Gold for the week.

There were no major US economic reports. Next week’s data highlights include Leading Economic Indicators on Monday, the FHFA US Housing Price Index on Tuesday, the FOMC rate Decision on Wednesday, Initial Jobless Claims and Existing Home Sales on Thursday, and Durable Goods Orders, Michigan Sentiment, and New Home Sales 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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