Gold News

Gold Erases Week's Early Dip to Reach New 27-Year High; Next Fed Rate-Cut Due Weds

From Chris Mullen at

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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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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