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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