Gold News

Gold Ends Week at New Dollar High, Slips vs. Euro, as Stocks Fall

From Chris Mullen at

Gold saw slight gains in Asia and London on Friday, and jumped higher at the opening in New York to reach as high as $1067.25 an ounce – almost 1% up on the day.

Gold then fell back off to see a $7.58 loss by late morning, but it rallied back in the last couple of hours of trade, ending with a session loss of just 0.2%.

For the week, Gold priced in Dollars added 0.5% to a new record weekly finish. The Gold Price in Euros slipped to €702 as the single currency rose against the Dollar.

Silver followed a similar pattern to gold, climbing as high as $17.94 before it dropped to $17.47, but it also rallied higher in late trade and was able to end with a gain of 0.9% on the day, more than 1.6% higher for the week.

Platinum meantime lost $4 to $1355, and copper gained a few cents to about $3.02.

Gold Mining and silver equities rose over 1% at Friday's open, but they then fell to see about 1% losses by late morning, remaining at about that level for the rest of the day to stand more than 3.5% lower on the week.

Oil fell slightly as the US Dollar index rose and Treasuries fell after stronger-than-expected US home sales data increased the chances the Fed will raise interest rates sooner than previously thought.

The major Wall Street stock indices saw brief gains at the open on better than forecast earnings reports, but they soon turned markedly lower and ended with noticeable losses, down 0.7% for the week on the S&P, on worries over whether or not the improvement in last quarter's earrings reports will last into following quarters.

Next week's economic highlights include Durable Goods Orders, the CaseShiller Home Price Index, and Consumer confidence on Tuesday, New Home Sales on Wednesday, GDP and Initial Jobless Claims on Thursday, and Personal income and Spending, PCE Prices, Chicago PMI, Michigan Sentiment, and the Employment Cost Index 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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