Gold Ends the Week 7% Lower as US Stocks Rally

From Chris Mullen at GoldSeek.com...

Gold Prices rose 1.6% to $815 in Asia on Friday before falling back off in London and dropped as low as $772 by late morning in New York.

Gold Bullion then rallied back higher in the last couple of hours of trade and ended almost $14 off its low with a loss of 2.02% for the day.

For the week, Gold Prices ended 7.7% lower. Silver lost 11%. The major US stock indices ended Friday 4% higher from the previous week.

Crude oil meantime rose on hopes of recovering worldwide demand, while the Opec oil cartel may also announce a production cut at its emergency meeting next Friday.

The US Dollar index ended higher in mixed trade as the euro fell on the view that Europe may have more problems going forward than the US.

Treasuries fell on more worries over the need to issue additional debt and whether or not there will continue to be buyers for it.

Gold and silver equities fell over 7% at Friday's opening before they rallied back higher and saw modest gains by mid-afternoon. Gold Mining stocks all then fell back off into the close and ended with about 3% losses for the session, down up to 18% on average from Monday's start.

On the economic front, Friday's data showed US housing starts and new building permits sinking to new record lows.

Next week’s economic highlights include Leading Economic Indicators on Monday, Initial Jobless Claims on Thursday, and Existing Home Sales on Friday.