Gold News

Gold Ends Week 2.7% Higher at New Record Dollar Finish; Silver Slips, Stocks Fall

From Chris Mullen at

Gold saw decent gains in Asia on Friday, before it fell almost 1% in London only to rally back through most of trade in New York, ending with a gain of 0.4% at a new record closing high.

For the week, the Gold Price added 2.7%. Gold then rose further, back above $1150 an ounce, in after-hours access trade, but didn't quite breach its record intra-day high of $1152.87, set this past Wednesday.

The Gold Price in Euros rose to a new 9-month high of €772 an ounce.

Silver meantime fell as low as $18.025 before it also climbed back higher in New York and ended with a loss of just 0.05% on the day, 6.4% better for the week.

Platinum gained $1 on Friday to $1435.50 an ounce, and copper gained a few cents to about $3.11.

Gold Mining and silver equities fell over 2% by midmorning before they rallied back higher in afternoon trade, but they still ended with slight losses, just lagging physical gold's gain for the week.

Oil fell as the US Dollar index and Treasuries rose on a continued mood of risk aversion that sent the Dow, Nasdaq, and S&P modestly lower on the day to end the week little changed.

There were no major US data releases on Friday. Next week's US economic highlights include Existing Home Sales on Monday, GDP, the Case Shiller 20 City Index, Consumer Confidence, and the FHFA Home Price Index on Tuesday, and Personal Income and Spending, PCE Prices, Initial Jobless Claims, Durable Goods Orders, Michigan Sentiment, and New Home Sales on Wednesday.

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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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