Gold News

Gold Ends the Week Higher as G7 Meets, Dollar Falls, Crude Oil Bounces

From Chris Mullen at GoldSeek.com...

Gold Prices rose to $932.20 in London on Friday before falling to $917.17 by late morning in New York.

The Gold Market then rallied back higher into the close and ended with a loss of just 0.45% for the day and higher for the week vs. all major currencies with a 1.2% gain in Dollars.

Silver rose to $18.14 in London before it fell to $17.44 by late morning in New York; it then rallied back higher into the close and ended with a loss of 1.7%.

The Gold Price in Euros fell to about 585 per ounce, platinum lost $17 to $1999.50, and copper gained a couple of cents to about $3.97.

Gold and silver mining stocks fell throughout North Americsan trade to finish Friday 2% lower on average.

Oil fell in early trade after the IEA cuts its forecast for world oil demand growth, but energy prices moved back higher by the close as traders established positions for the weekend.

The US Dollar index fell and Treasuries rose after Michigan Sentiment came in much lower than expected at a 26-year low, but losses in the Dollar were somewhat limited as most waited for headlines from this weekend’s G7 meeting.

Traders are now pricing in a 54% chance that the Fed will cut by 50 basis points at their meeting at the end of this month.

The Dow, Nasdaq, and S&P fell throughout trade and ended over 2% lower after GE missed estimates and brought down expectations even further for other earnings reports still due out for the quarter. Next week includes reports from several of the big financial firms.

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Adrian Ash is director of research at BullionVault, the world-leading physical gold, silver and platinum market for private investors online. Formerly head of editorial at London's top publisher of private-investment advice, he was City correspondent for The Daily Reckoning from 2003 to 2008, and he has now been researching and writing daily analysis of precious metals and the wider financial markets for over 20 years. A frequent guest on BBC radio and television, Adrian is regularly quoted by the Financial Times, MarketWatch and many other respected news outlets, and his views from inside the bullion market have been sought by the Economist magazine, CNBC, Bloomberg, Germany's Handelsblatt and FAZ, plus Italy's Il Sole 24 Ore.

See the full archive of Adrian Ash articles on GoldNews.

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