Gold News

Gold Ends the Week 3% Higher as Oil Rises, Dollar & Stocks Fall; Markets Closed 'Til Tuesday

From Chris Mullen at

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.

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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