Gold News

Gold Ends Week at New Closing High as Dollar Slips, T-Bonds & Stocks Gain

From Chris Mullen at

Gold traded slightly higher in Asia and London on Friday before it dipped in early New York trade to see a loss of $3.30 an ounce.

Gold then stormed back higher midday and ended near its late session high of $1117.30 with a gain of 0.9% at a new record closing high.

For the week the Gold Price rose 1.9%. The Euro price of gold rose to a new 8-month high of €748 an ounce.

Silver followed a similar but amplified pattern to gold, dropping to see an almost 1.5% loss early Friday before also rallying higher in late trade and ending near its session high of $17.43 with a gain of 0.4%.

Platinum gained $29.50 on Friday to $1379 an ounce, and copper climbed nearly 3 cents to about $2.97.

Gold Mining and silver equities rose roughly 3% by early afternoon before they pulled back a bit into the close, but they still ended with over 2% gains.

Oil fell after poor economic data reinforced this week’s worries over poor energy demand.

October showed a weaker than expected Import Price reading, US Trade Balance, and Michigan Sentiment index.

The US Dollar index fell but Treasury bonds rose, as did the Dow, Nasdaq, and S&P rose on confidence over Friday's earnings reports.

Next week's US economic highlights include Retail Sales, Empire Manufacturing, and Business Inventories on Monday; Producer Prices Index, Treasury international flows, Capacity Utilization, and Industrial Production on Tuesday; Housing Starts, Building Permits, and Consumer Prices on Wednesday; and Initial Jobless Claims, Leading Indicators, and the Philadelphia Fed on Thursday.

Fed chairman Ben Bernanke will also be speaking before the New York economic club on Monday at 12:15 EST.

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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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