Gold Ends Week Higher as Stocks, Oil, Euro & Miners Fall vs. Dollar
From Chris Mullen at GoldSeek.com...
Gold traded near unchanged in Asia and London on Friday before it dropped over 1% as low as $986.75 an ounce shortly after the monthly US jobs report was released.
The Gold Price then quickly rebounded to see an almost 1% gain at $1007.35 in the next two hours of trade and remained near that high for the rest of the day to close with a gain of 0.4% for the session.
For the week, Gold gained 1.3%. The Gold Price in Euros rose to €687 an ounce.
Crude oil fell after the worse-than-expected jobs report increased worries over energy demand. The US Dollar index reversed an early pop higher on the jobs news, and ended notably lower on the day, but higher for the week.
Treasuries fell a little after the Dow, Nasdaq, and S&P rebounded from early losses and ended just slightly lower as traders balanced poor economic data against the prospect of an extended period of extremely low interest rates.
September saw the United States lose 263,000 jobs against 175,000 forecast, taking the unemployment rate rose to a new 26-year high of 9.8%. Hourly earnings rose half-as-fast as expected at 0.1%, with the average work-week declining to 33.0 hours.
Factory orders showed a 0.8% decline on August's data after July's 1.4% rise as the single currency slipped against the Dollar.
Silver dropped as low as $15.905 an ounce on Friday before it also snapped back higher and climbed to see a slight gain at $16.445.
Silver then fell back off in the last few hours of trade and ended with a loss of 1.3% for the day, some 0.9% better for the week.
Platinum lost $4 on Friday to $1275.50, and copper fell over 5 cents to about $2.67.
Gold Mining and silver equities fell over 1% at Friday's open before they rose to see over 2% gains by midmorning, but they then fell back off into the close and ended with slight losses, down 0.8% for the week.
Next week's US economic highlights include ISM Services on Monday, Consumer Credit and the Treasury Budget on Wednesday, Initial Jobless Claims and Wholesale Inventories on Thursday, and the Trade Balance on Friday.
Looking to Buy Gold today...?