Gold News

Gold ends the week 1.3% higher as US stocks slip from new records

From Chris Mullen at GoldSeek.com...

Gold Prices traded slightly lower in Asia and London on Friday before rising in early New York trade to see gains as high as $752.15 – right around this week's new 27-year peaks – before falling back off to end with a loss of 0.43% for the session.

For the week, however, the Gold Market gained for the seventh time out of eight, adding more than 1.3% from the previous Friday's close.

Silver fell nearly 20 cents in after hours late Thursday, rising in New York on Friday but still ending the day with a loss of 0.72%.

Gold Priced in Euros remained at about €528, platinum gained $8 to $1415 to a new record high, palladium remained unchanged at $377, and copper remained at about $3.68.

Gold and silver equities traded roughly 1% higher throughout the day and ended at new record highs despite losses in the metals.

On the data front, US retail sales for Sept. were stronger than expected, and the Producer Price index also pushed higher, threatening inflation for US consumers to come.

Next week’s economic highlights include the NY Empire State Index on Monday, Net Foreign Purchases, Industrial Production, and Capacity Utilization on Tuesday, CPI, Housing Starts, Building Permits, and the fed’s Beige Book on Wednesday, and Initial Jobless Claims, Leading Economic Indicators, and the Philadelphia fed survey on Thursday.

Back in Friday's action, crude oil rose to a new record high at $84.05 a barrel before easing slightly and making a new record closing high at $83.69 on geopolitical concerns over Turkey possibly invading Northern Iraq to quell Kurdish rebels.

The US Dollar index rose slightly and US Treasury bonds traded mostly lower as generally better than expected economic data pushed interest rates higher, though most were pointing towards the fact that the dollar still sits less than 1 point away from making a new all-time low under 77.657 that was made just last Monday.

The Dow, Nasdaq, and S&P rose on those strong retail sales and a buyout announcement, but they still ended short of their recent record highs.

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Adrian Ash is director of research at BullionVault, the physical gold and silver 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 is now a regular contributor to many leading analysis sites including Forbes and a regular guest on BBC national and international radio and television news. Adrian's views on the gold market have been sought by the Financial Times and Economist magazine in London; CNBC, Bloomberg and TheStreet.com in New York; Germany's Der Stern; Italy's Il Sole 24 Ore, and many other respected finance publications.

See the full archive of Adrian Ash articles on GoldNews.

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