From Chris Mullen at GoldSeek.com...

Gold Prices rose $7.50 per ounce on Friday, going into the long holiday weekend – which will see both London and New York markets closed until Tuesday – almost 3% higher for the week.

Oil recouped most of Thursday’s 2% losses as traders entered long positions ahead of the Memorial Day weekend, but it held below Wednesday’s record closing high of $135 per barrel.

The US Dollar index fell and Treasury bonds rose as the Dow, Nasdaq, and S&P fell roughly 1% on worries over rising industrial prices even without figuring in energy and food. Existing home sales for April were reported lower, but just ahead of consensus forecasts.

Silver dropped to $17.84 before it rose in early New York trade. It closed the session more than 7% higher from the previous Friday after a very volatile week.

The Gold Price in Euros rose near €587, platinum lost $1.50 to $2166.50, and copper gained a few cents to about $3.75.

Gold and silver equities rose over 1% at the open, but they then fell back off with the major indices by late morning and traded slightly lower for the rest of the day.