Gold News

Gold Ends the Week Up vs. Dollar, Lower vs. Euros, as US Stocks & Crude Oil Slip

From Chris Mullen at

Gold Prices fell hard at the New York open on Friday after a report showing a slight drop in core US inflation and a pick up in personal incomes.

Falling as low as $923.72 per ounce, the Gold Market then rebounded nearly 1% in afternoon trade and ended the week 1.3% higher at $931.15 per ounce.

Silver also fell Friday, dropping as low as $17.647 before it rebounded over 1% in the last hour and a half of US trade to end the day with a loss of 3.25% but a gain for the week of 5.5%.

The Gold Price in Euros fell near €589, down from €595.50 per ounce last week, while platinum lost $36 to $2000, and copper fell nearly 5 cents to about $3.85.

Gold and silver mining equities fell over 2% in the first half hour of trade, but they quickly rebounded and traded with a little less than 1% losses for most of the rest of the day.

Crude oil fell nearly $2 as supply concerns eased over the Iraqi pipeline attacked yesterday that is already back in operation. The US Dollar index rose slightly on what commentators called “improving money market conditions.”

Treasury bonds rose Friday on that tame inflation data that pushed interest rates lower. The Dow, Nasdaq, and S&P rose slightly in morning trade on the Core PCE inflation reading of just 0.1% for February and 2% year over year to fall within the fed’s target of 1-2%.

Stocks then fell off in afternoon trade and ended decently lower as traders digested a profit warning from J.C.Penney that dampened the outlook for retail stocks and kept traders wary heading into the weekend.

The S&P lost 1% for the week. Ten-year bond yields ended at 3.46%, right about equal to the PCE inflation reading for Feb. including ood and fuel.

Next week’s economic highlights include Chicago PMI on Monday, Construction Spending and the ISM Index on Tuesday, ADP Employment and Factory Orders on Wednesday, Initial Jobless Claims and ISM Services on Thursday, and March’s jobs data on Friday.

Looking to Buy Gold online today, accessing live Gold Market prices direct? For the safest, most cost-effective route to Gold Investing today, click through to BullionVault here...

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.

Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News.

Follow Us

Facebook Youtube Twitter LinkedIn



Market Fundamentals