Gold News

Gold & Equities End Week 2% Down as Oil Sinks, Silver Drops 6%

Gold traded mixed in Asia and London on Friday before it dropped as low as $984.85 shortly before New York opened.

The Gold Price then rallied for most of the rest of trade, cutting its losses to 0.7% for the day.

Oil rose slightly as geopolitical worries over Iran overcame large stockpile data and tepid demand reports, but still finished the week more than 8% lower after Thursday's sell-off.

Treasuries rose as the Dow, Nasdaq, and S&P traded modestly lower on continued worries about the economy, finishing the week almost 2% down.

The US Dollar index fell back after mixed economic data left traders looking to comments coming out of the G20 meeting in Pittsburgh.

For the week, gold shed 1.8%.

The Gold Price in Euros fell to a new low for September of €676 an ounce.

Silver fell to as low as $15.93 before it also climbed back higher, but it still ended with a loss of 1.7%, down 5.8% on the week.

Platinum lost $26.50 to $1274.50, and copper rose a few cents to about $2.73.

Gold Mining and silver equities fell over 2% at the US open, before they rebounded slightly midmorning, but they then fell back off midday and remained about 1.5% lower for the rest of the day.

On the data front, US Durable Goods Order sank unexpectedly in August, figures showed, while sales of new homes rose from July but lagged analyst forecasts.

The Michigan Sentiment Index was sharply better than expected.

Next week’s US economic highlights include the Case-Shiller Housing Price Index and Consumer Confidence on Tuesday; ADP Employment, GDP, and Chicago PMI on Wednesday; Personal Income and Spending, Initial Jobless Claims, Construction Spending, the ISM Index, and Pending Home Sales on Thursday; and September’s jobs data and Factory Orders 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


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