Gold News

Gold Gains 2.9% for the Week as Oil Surges & Stocks Fall on New Credit Worries

From Chris Mullen at

Gold Prices shot higher late Friday, ending the day with a 2% gain – and a weekly rise of 2.9% - at $806 per ounce, a new 27-year high.

Silver saw more than 1% losses by late morning in New York, but also took off in afternoon trade to end with a gain of 2.11%, just 12 cents away from joining the Gold Market at new highs.

Gold Priced in Euros rose to more than €555 per ounce, platinum gained $10 to $1454 to match its record high, palladium gained $4 to $373, and copper fell slightly to about $3.40.

Gold and silver mining equities rose throughout most of trade and ended with about 4% gains at or near new record highs.

Crude oil meantime rose to a new record high, and the US Dollar index fell to a new record low – losing 0.95% for the week – while Treasury bonds rose in price on fresh credit concerns in the banking sector.

The Dow, Nasdaq, and S&P opened Friday higher on the strong headline jobs data before they again fell off markedly on worries over further financial write-downs at the major banks.

On the economic front, Oct.'s US jobs data was much better than expected, but the data did include 103,000 jobs in the total new payrolls reading of 166,000 that came about thanks to an adjustment by the Bureau for Labor Statistics.

Next week’s US economic highlights include ISM Services on Monday, Productivity, Wholesale Inventories, and Consumer Credit on Wednesday, Initial Jobless Claims on Thursday, and Export and Import Prices, the Trade Balance, and Michigan Sentiment on Friday.

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Adrian Ash

Adrian Ash, BullionVault Gold News

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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