Gold News

Gold Ends the Week 1.3% Lower After Dollar Bounces, Stocks Surge

From Chris Mullen at GoldSeek.com...

Gold Prices closed last week 1.3% lower after reaching a four-week high of $946.60 in early London trade on Friday and then dropping $32 by lunchtime in New York in a sharp sell-off.

Oil fell in early trade on dollar strength, but it then rose to a new record high over $116 on news that rebels sabotaged a Shell pipeline in Nigeria and an earthquake in the Midwest US may have impacted refinery operations.

The US Dollar index rose and Treasury bonds fell as the Dow, Nasdaq, and S&P soared higher on news that Citigroup’s over $5 billion loss was bad, but not as horrible as feared.

Alongside gold, silver also fell sharply, dropping 2.52% for the day but gaining 0.7% for the week.

The Gold Price in Euros fell to about €579, platinum lost $7.50 to $2041, and copper dropped a couple of cents to about $3.92.

Gold and silver equities fell about 4% by an hour into trade, but they then rallied back a bit in the rest of trade and ended with less than 3% losses.

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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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