From Chris Mullen at GoldSeek.com...
Gold Prices rose all through Friday's session, erasing the week's early losses and gaining $16.50 for the day to close New York at a new 27-year high of $783.50 per ounce.
Silver followed a similar pattern and ended 5 cents off its high of the session with a gain of 2.53% for the day, up more than 5% for the week.
Gold Priced in Euros rose above €545 and Gold Priced in Sterling ended the week just shy of a new all-time record high above £382 per ounce. (Want to know What's Really Driving this Bull Market in Gold? Download your Free Gold Report here...)
Platinum gained $9 to $1454, palladium gained $12 to $372, and copper gained over 3 cents to about $3.58.
Gold and silver mining equities rose throughout trade and ended with nearly 3% gains at new all-time highs.
The only US economic news out Friday saw the Michigan Sentiment Index come in well below last month's reading and well below analyst forecasts. The US Dollar index fell to a new record low on those poor numbers, keeping confidence high that the Federal Reserve will cut interest rates at least 25 basis points next week.
The weak Michigan index failed to support US Treasury bonds, however, which fell as the Dow, Nasdaq, and S&P rose markedly on better than expected earnings reports plus hopes of cheaper money to come.
Oil rose to as high as $92.22 overnight and made a new record closing high in New York on rising geopolitical tensions over Iran, Nigeria, Iraq, and Turkey.
Next week’s economic highlights include US Consumer Confidence on Tuesday; GDP, Construction Spending, and the Fed rate decision on Wednesday; then Personal Income and Spending, Core PCE Inflation, Initial Jobless Claims and Pending Home Sales on Thursday; and finally Factory Orders and October’s jobs data on Friday.
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